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Bell ringer, 9.23Please, write the question. Read the introduction paragraph about OPEC that I will put on the board. Thanks.Where is the headquarters of OPEC located?What does the acronym OPEC stand for?When did Angola join OPEC?Who were the five founding members of OPEC?Is the United States a member of OPEC?The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Angola (2007) and Gabon (19751994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

Essential Question for today:

What is the primary function of OPEC?Todays Agenda

Bell ringerOPEC Who, What, Where, When, WhyCNN Student News

OPEC

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.Essential Question for today:

What is the primary function of OPEC?Todays Agenda

Bell ringerOPEC Who, What, Where, When, WhyCNN Student News

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, _______ and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.

Bell ringer, 9.24Please read pages 18-19. Copy statements and fill in blanks.__________ are different ways that people use resources to make and exchange goods._______ requires people to make choices.Economics is the study of how things are ______, ______, and ______.Because of scarcity, every society must make _______ choices.Factors of production include _____, ____, _____, and _______.Who is OPEC?OPEC stands for Organization of Petroleum Exporting Countries.

Its members include:IranIraqSaudi ArabiaKuwaitVenezuela

What does OPEC do?OPEC is a group of countries who have large amounts of oil.

They decide the prices and the amount of oil that should be produced each year.Other countries do have oil, but about 90% of the worlds oil reserves are under the control of OPEC.

Where is OPEC? OPEC is located mainly in the Middle East, but they are also in South America as well.

Its members are on 3 continents.Even though they are not located all over the world, their decision affect the whole world.

When did OPEC start?OPEC first started in 1960, and it continues until now.

Why is OPEC so important?Because every country has such a high demand for oil, they need to get it somehow.

Alternate means of energy are rare and expensiveThey set the prices and the supply.

Bell ringer, 9.25Please read pages 16-17. Copy statements and fill in blanks.Where does democracy begin?Who has the power to make and carry out laws?What are the two types of democracies?In a parliamentary system, who chooses the prime minister?In which two types of government do people have no voice in their government?Bell ringer, 9.25Please read pages 16-17. Copy statements and fill in blanks.Where does democracy begin?Who has the power to make and carry out laws?What are the two types of democracies?In a parliamentary system, who chooses the prime minister?In which two types of government do people have no voice in their government?Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also exports goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Essential Question for today:How do trade barriers affect trade around the world?

Todays Agenda

Bell ringerOPEC Who, What, Where, When, WhyCNN Student News

Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also exports goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.

Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also exports goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.

Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.

Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.

Bell ringer, 9.26Please read pages 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also ________ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Irony (from Dictionary.com)The use of words to convey a meaning that is the opposite of its literal meaning: the irony of her reply, How nice! when I said I had to work all weekend.

Bell ringer, 9.26Please write down the 5 questions. Use the cartoon on the next slide to answer the five questions. Thanks.Please copy down 5 questions. Use the cartoon on the nextWhich country is hidden behind the wall?What are the two people outside the wall trying to get?Why is the sign on the wall ironic?Why does the person behind the door not allow the two people to enter?Do you think the cartoonist is happy with the quota policy or not?

Bell ringer, 9.27What is the study of the use of resources to produce and distribute goods and services?Economics is based on what?In what year did Iraq invade oil rich Kuwait starting the first Gulf War? What is the principle of opportunity cost?

Please write down the 8 questions. Please skip three lines per question. ThanksBell ringer, 9.27To where can western economies trace their history?Most economist believe that free enterprise triggered what type of revolution?What type of command economy was found in China and Russia?What are two examples of how the communist approach has failed in Russia?Please write down the 8 questions. Please skip three lines per question. ThanksBell ringer, 9.30Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also ______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Essential Question for today:How do trade barriers affect trade around the world?

Todays Agenda

Bell ringerTrade Barriers Graphic OrganizerVideo Econ8 Vocab Terms You should knowCNN Student News

Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also _______ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.No country produces all the _____ and _____ that it needs.Every country ______ goods and services from other countries.Every country also ________ goods and services from other countries.Every country has its own ________. Countries sometimes try to protect their industries by setting up _________.Bell ringer, 9.30

How do people impose limits on trade?Other countries tax things made in another county. This is called a tariff. By taxing them, they are raising the price of that resource. The hope is that consumers will purchase products made in their home country.

How do people impose limits on trade?A quota is when a country puts a limit on the number of goods that can be imported from somewhere else. For example, the United States has a quota on the oil we import from the Middle East.

How do people impose limits on trade?An embargo is when a country refuses to trade with another country. This usually happens when governments are at war with each other, or one government is unstable and unfair to the people. For example, the USA did not trade with Iraq when Sadam Hussein was president. Why?

Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.011. How did U.S. markets respond to the possibility of a federal government shutdown?2. What are some arguments for and against the law that would require websites to remove images and videos of minors upon request?3. What discovery was made recently regarding a photograph taken at Gettysburg, Pennsylvania in 1863?4. What are your thoughts on the advice given by the students regarding ways to stop bullying?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.011. How did U.S. markets respond to the possibility of a federal government shutdown?2. What are some arguments for and against the law that would require websites to remove images and videos of minors upon request?3. What discovery was made recently regarding a photograph taken at Gettysburg, Pennsylvania in 1863?4. What are your thoughts on the advice given by the students regarding ways to stop bullying?Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student News3 Column Chart on Various types of economies8 Review questions for next testVideo - Economy

TraditionalBased on culture and tradition.Strong social network.Based on primitive methods and tools.Strongly connected to subsistence farming.

75Marketan economic system based on individual choices and voluntary trade.Governments play a minor to no roleConsumers and their buying drive the economy. (supply and demand)Market determines prices and wagesAlso known as: Free enterprise or Capitalism

76

What two Territories were Created for the Palestinians by theUN in 1947A tax placed onGoods that comeIn from one Country to anotherA formal halt to Trade with a Particular country For economic orPolitical reasonsWhat is hatredOf Jews becauseOf their religiousAnd culturalbeliefsThe group that controls bothThe supply and price of theMajority of worlds oil.The break up of The Ottoman Empire can be Blamed on whatWorld event?Why did so manyCountries feel it Was right to create The nation of Israel8 test questions you should know ...A limit on theNumber of foreignGoods allowed intoThe country78What two Territories were Created for the Palestinians by theUN in 1947A tax placed onGoods that comeIn from one Country to anotherA formal halt to Trade with a Particular country For economic orPolitical reasonsWhat is hatredOf Jews becauseOf their religiousAnd culturalbeliefsThe group that controls bothThe supply and price of theMajority of worlds oil.The break up of The Ottoman Empire can be Blamed on whatWorld event?Why did so manyCountries feel it Was right to create The nation of Israel8 test questions you should know ...A limit on theNumber of foreignGoods allowed intoThe country79CommandAll major decisions are made by the government or central authority.an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed.Government holds the powerNo choiceNo incentives to work hard

80Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.021. About how many federal government employees were furloughed by the government shutdown? 2. What are some English words that are derived from the Spanish language?3. What are the main responsibilities of the textile director featured in the program?4. Do you think Congress and President should take specific action regarding the shutdown?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.021. About how many federal government employees were furloughed by the government shutdown? 2. What are some English words that are derived from the Spanish language?3. What are the main responsibilities of the textile director featured in the program?4. Do you think Congress and President should take specific action regarding the shutdown?Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student News3 Column Chart on Various types of economies8 Review questions for next testVideo - Economy

TraditionalBased on culture and tradition.Strong social network.Based on primitive methods and tools.Strongly connected to subsistence farming.

86Marketan economic system based on individual choices and voluntary trade.Governments play a minor to no roleConsumers and their buying drive the economy. (supply and demand)Market determines prices and wagesAlso known as: Free enterprise or Capitalism

87CommandAll major decisions are made by the government or central authority.an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed.Government holds the powerNo choiceNo incentives to work hard

88What two Territories were Created for the Palestinians by theUN in 1947A tax placed onGoods that comeIn from one Country to anotherA formal halt to Trade with a Particular country For economic orPolitical reasonsWhat is hatredOf Jews becauseOf their religiousAnd culturalbeliefsThe group that controls bothThe supply and price of theMajority of worlds oil.The break up of The Ottoman Empire can be Blamed on whatWorld event?Why did so manyCountries feel it Was right to create The nation of Israel8 test questions you should know ...A limit on theNumber of foreignGoods allowed intoThe country89Producing one goodThat a country canMake to sell to Other countriesWhy is specializationSo valuable in International Trade todayIn a command Economy, How are decisions Made?In a market Economy, Who makes theEconomic Decisions?Saudi Arabia specializes in The sale of what?Why does EconomicSpecialization make Trade between Countries easierIn a traditional Economy, how areDecisions made?8 test questions you should know ...What is the Biggest problemIn a command Economy?90Producing one goodThat a country canMake to sell to Other countriesWhy is specializationSo valuable in International Trade todayIn a command Economy, How are decisions Made?In a market Economy, Who makes theEconomic Decisions?Saudi Arabia specializes in The sale of what?Why does EconomicSpecialization make Trade between Countries easierIn a traditional Economy, how areDecisions made?8 test questions you should know ...What is the Biggest problemIn a command Economy?91Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.091. According to the report, what percentage of federal workers are currently furloughed as part of the partial U.S. government shutdown?2. Where are the Winter Olympics being held next year? 3. What is known about a recent Salmonella outbreak in the U.S.?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.091. According to the report, what percentage of federal workers are currently furloughed as part of the partial U.S. government shutdown?2. Where are the Winter Olympics being held next year? 3. What is known about a recent Salmonella outbreak in the U.S.?Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student NewsWheel Chart Job SpecializationReview for test3-2-1 Review

Job SpecializationNot every country can produce all the goods and services it needs

Job SpecializationNot every country can produce all the goods and services it needs Countries often specialize in goods they can produce most efficiently

Job SpecializationFor example, Saudi Arabia specializes in oil and gasWhile Israel specializes in agricultural technologies

What two Territories were Created for the Palestinians by theUN in 1947A tax placed onGoods that comeIn from one Country to anotherA formal halt to Trade with a Particular country For economic orPolitical reasonsWhat is hatredOf Jews becauseOf their religiousAnd culturalbeliefsThe group that controls bothThe supply and price of theMajority of worlds oil.The break up of The Ottoman Empire can be Blamed on whatWorld event?Why did so manyCountries feel it Was right to create The nation of Israel8 test questions you should know ...A limit on theNumber of foreignGoods allowed intoThe country105Producing one goodThat a country canMake to sell to Other countriesWhy is specializationSo valuable in International Trade todayIn a command Economy, How are decisions Made?In a market Economy, Who makes theEconomic Decisions?Saudi Arabia specializes in The sale of what?Why does EconomicSpecialization make Trade between Countries easierIn a traditional Economy, how areDecisions made?8 test questions you should know ...What is the Biggest problemIn a command Economy?106Job SpecializationCountries (like Israel and Saudi Arabia) then look to sell products to those that need themSpecialization products a country makes best and are in demand on world market

Job SpecializationSpecialization allows for countries to make what can and trade for what they needSpecialization allows people to do a more efficient job at producing what they make best

Job Specialization3-2-1 Exit Ticket3 Products made in USA 2- Products made in Saudi Arabia1- Product made in IsraelPlease write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.101. The U.S. suspended some of the military aid it gives to what North African nation, due to unrest there?2. Who is the current head of the Federal Reserve Bank? Who has been nominated to replace him?3. According to the report, what might be some of the consequences if the debt ceiling isn't raised and the U.S. defaults on its debt?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.101. The U.S. suspended some of the military aid it gives to what North African nation, due to unrest there?2. Who is the current head of the Federal Reserve Bank? Who has been nominated to replace him?3. According to the report, what might be some of the consequences if the debt ceiling isn't raised and the U.S. defaults on its debt?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.11When will the proposed temporary debt ceiling deal end?What are the two goals for International Day of the Girl?What can you use to steer the worlds biggest ship?In what country does Dr. George Bwelle live?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.11When will the proposed temporary debt ceiling deal end?What are the two goals for International Day of the Girl?What can you use to steer the worlds biggest ship?In what country does Dr. George Bwelle live?Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student NewsTypes of ResourcesEconomics handout8 Vocabulary terms you should knowWanna be a GENIUS? Learn Economics!A. Types of Resources

Wanna be a GENIUS? Learn Economics!Natural resources are raw materials that a country has that make life and production of goods possible. In Southwest Asia, oil is the most important. Oil is a fossil fuel which is not replaceable. Israel has almost no natural resources.A. Types of ResourcesWanna be a GENIUS? Learn Economics!

A. Types of ResourcesWanna be a GENIUS? Learn Economics!Human capital means the knowledge and skills that make it possible for workers to earn a living producing goods or services. The more skills and education workers have, the better they are able to work as technology changes.A. Types of ResourcesWanna be a GENIUS? Learn Economics!

A. Types of ResourcesWanna be a GENIUS? Learn Economics!Capital goods are the factories, machines and technology that people use to make goods. Advanced technology increases production and makes it more efficient. Israel, Saudi Arabia, and Iran have all invested heavily in capital goods.A. Types of ResourcesWanna be a GENIUS? Learn Economics!B. Name that Economy

Wanna be a GENIUS? Learn Economics!B. Name that Economy

Wanna be a GENIUS? Learn Economics!B. Name that Economy

Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.14How many people were killed in the cyclone this past weekend in India?Who is the majority leader in the United States Senate?According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?What college did LaShonda Jones, the first female African American Coast Guard Pilot, attend?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.14How many people were killed in the cyclone this past weekend in India?Who is the majority leader in the United States Senate?According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?What college did LaShonda Jones, the first female African American Coast Guard Pilot, attend?Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student NewsEconomies of SA, I, and IEconomics handout8 Vocabulary terms you should knowWanna be a GENIUS? Learn Economics!A. Types of Resources

Wanna be a GENIUS? Learn Economics!

A. Types of ResourcesWanna be a GENIUS? Learn Economics!

A. Types of ResourcesWanna be a GENIUS? Learn Economics!B. Name that Economy

Wanna be a GENIUS? Learn Economics!B. Name that Economy

Wanna be a GENIUS? Learn Economics!B. Name that Economy

Wanna be a GENIUS? Learn Economics!C. Gross Domestic Product

Wanna be a GENIUS? Learn Economics!C. Gross Domestic ProductGross domestic product is the total value of all goods and services produced within a single year. Countries where training and education are more available often have higher levels of goods and services therefore a higher gross domestic product.Wanna be a GENIUS? Learn Economics!C. Gross Domestic Product

Wanna be a GENIUS? Learn Economics!C. Gross Domestic ProductPer Capita GDP is the total Gross Domestic Product divided by the number of people in that country

Economy of Saudi Arabia, pg 172-73

One of worlds major oil producersUse money from oil to raise standard of livingHigh GDP because oil is such an important part of the worlds economyMixed economy but government holds strong economic controlEconomy of Israel, page

Mixed economy that is highly developed and industrialLack of natural resourcesMany work in medical technology and agricultural technologyVery high GDP because of investment in human capitalPlease write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.15The new proposal to end the shutdown would give the government how much money for 6 months?Two million Muslims are currently in what Saudi Arabian city performing the hajj?In Hong Kong, how many tons of fish are brought in to a fish market?What makes the homecoming king and queen of West Orange High school so unique? Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.15The new proposal to end the shutdown would give the government how much money for 6 months?Two million Muslims are currently in what Saudi Arabian city performing the hajj?In Hong Kong, how many tons of fish are brought in to a fish market?What makes the homecoming king and queen of West Orange High school so unique? Essential Question for today:

How do economies function?Todays Agenda

Bell ringer / CNN Student NewsEconomies of SA, I, and IOil and Entrepreneurship8 Vocabulary terms you should knowEconomy of Saudi Arabia, pg 172-73

One of worlds major oil producersUse money from oil to raise standard of livingHigh GDP because oil is such an important part of the worlds economyMixed economy but government holds strong economic controlEconomy of Israel, page

Mixed economy that is highly developed and industrialLack of natural resourcesMany work in medical technology and agricultural technologyVery high GDP because of investment in human capitalEconomy of Iran

Government of Iran controls most economic activity such as setting prices for goodsFifth largest producer of oil which has led to highly trained workersWell regarded schools and universities allow for well educated workersIran:Factors of Economic GrowthHuman Capital and GDPSS7E7 aCapital Goods and GDPSS7E7 bRole of OilSS7E7 cEntrepreneursSS7E7 dIran is worlds 1/5 largest producer of oil. Oil wealth has led to the use of advanced technology that has required highly trained workers. Has always had highly regarded schools and universities that have meant educated workers were available for industry.Iran has made great investments in capital goods related to oil production, technology, and communication. Iran has also spent a great deal on technology for its defense industry.149

Iran:Factors of Economic GrowthRole of OilSS7E7 cEntrepreneursSS7E7 d Most valuable resource is oil, although I has rich farmland and access to water for irrigation and farming. 85% of wealth comes from the sale of oil. A member of OPEC and benefits from that organizations decisions to keep the price of oil on the world market at high levels.151Iran:Factors of Economic GrowthRole of OilSS7E7 cEntrepreneursSS7E7 d Most valuable resource is oil, although I has rich farmland and access to water for irrigation and farming. 85% of wealth comes from the sale of oil. A member of OPEC and benefits from that organizations decisions to keep the price of oil on the world market at high levels.I has a small but growing number of entrepreneurs however, Iran is not very open to entrepreneurship. Economy is highly centralized and regulations make it difficult for individual to open, operate, and close businesses. There is little protection of private property rights. Some progress towards economic freedoms, but it has been limited and insufficient 152Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.16In what Swiss city are discussions being held about Irans nuclear program?The Philippines are made up of how many islands?Captain Swenson was awarded what medal for his actions in Afghanistan?What is the name of the restaurant where you are not allowed to talk during dinner?Please write down the following questions. While watching CNN Student News, please answer the question.Bell ringer, 10.16In what Swiss city are discussions being held about Irans nuclear program?The Philippines are made up of how many islands?Captain Swenson was awarded what medal for his actions in Afghanistan?What is the name of the restaurant where you are not allowed to talk during dinner?Essential Question for today:

How does investment affect economic growth?Todays Agenda

Bell ringer / CNN Student news4 Square Chart Oil and EntrepreneursVocabulary Quiz

Israel:Factors of Economic GrowthIsrael has wide access to education and an economy that depends on technology industries to make up for the countrys lack of natural resources. Many Israelis work in industries related to medial technology, agricultural technology, mining, and electronics. They also have highly developed services industries. GDP is very high because they have invested heavily in their human capital.Israel has invested heavily in capital goods, as so much of their economy depends on technology and industrial production, as well as advanced communication systems. Israel has also invested heavily in the technology involved in the defense industry.Human Capital and GDPSS7E7 aCapital Goods and GDPSS7E7 b157Israel:Factors of Economic GrowthFew natural resources practically no oil at all. I does have a highly developed industrial economy, so the world price of oil has a huge impact on the economy. Economy depends more on technology than on the development of natural resources, but this also means I must always purchase oil to keep industries going.Role of Oil SS7E7 cEntrepreneursSS7E7 d158Israel:Factors of Economic GrowthFew natural resources practically no oil at all. Israel does not have a highly developed industrial economy, so the world price of oil has a huge impact on the Israeli economy. Israels economy depends more on technology than on the development of natural resources, but this also means Israel must always purchase oil to keep industries going.Role of Oil SS7E7 cEntrepreneursSS7E7 dIsrael is moderately open to entrepreneurship. It is relatively easy to start a business, but it takes longer than the world average to start it up. Private property rights are well protected by law. 159Saudi Arabia:Factors of Economic Growth

What to produce?Saudi Arabias main industry is as an exporter of oil. The technology involved in the oil industry is complicated and requires a well-trained and educated labor force. Saudi Arabia also has modern communication and transportations systems, as well as enormous building projects. Because oil is such an important part of the worlds economy, the Saudi GDP is high.Saudi Arabia has invested heavily in capital goods, especially the technology related to oil production, transportation, and communication.Human Capital and GDPSS7E7 aCapital Goods and GDPSS7E7 b160Saudi Arabia:Factors of Economic Growth

Saudi Arabia has very few natural resources. Oil production makes up the majority of SAs wealth. SA has become very influential in the world economy and as a member of OPEC. The great wealth oil production has brought to SA has enabled the country to modernize agriculture. Cities are being built in once remote desert areas. SA has gone from being a desert kingdom to a modern nation in less than 100 years.Role of OilSS7E7 cEntrepreneursSS7E7 d161Saudi Arabia:Factors of Economic Growth

Saudi Arabia has very few natural resources. Oil production makes up the majority of SAs wealth. SA has become very influential in the world economy and as a member of OPEC. The great wealth oil production has brought to SA has enabled the country to modernize agriculture. Cities are being built in once remote desert areas. SA has gone from being a desert kingdom to a modern nation in less than 100 years.Role of OilSS7E7 cEntrepreneursSS7E7 dSA is increasingly open to entrepreneurship. The government makes opening, operating and closing a business easy compared to the world average. There is good protection of private property rights.162