Please, write the question. Read the introduction paragraph about OPEC that I will put on the board. Thanks.

1.Where is the headquarters of OPEC located?

2.What does the acronym OPEC stand for?3.When did Angola join OPEC?4.Who were the five founding members of

OPEC?5.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 10–14, 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 (1975–1994). 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?

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

OPEC

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Essential Question for today:

What is the primary function of OPEC?

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, _______ and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Please read pages 18-19. Copy statements and fill in blanks.1.__________ are different ways that people use

resources to make and exchange goods.2._______ requires people to make choices.3.Economics is the study of how things are

______, ______, and ______.4.Because of scarcity, every society must make

_______ choices.5.Factors of production include _____, ____,

_____, and _______.

Who is OPEC?

• OPEC stands for Organization of Petroleum Exporting Countries.

• It’s members include:• Iran• Iraq• Saudi Arabia• Kuwait• Venezuela

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 world’s 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.

• It’s 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 expensive

• They set the prices and the supply.

Please read pages 16-17. Copy statements and fill in blanks.

1.Where does democracy begin?2.Who has the power to make and carry out

laws?3.What are the two types of democracies?4.In a parliamentary system, who chooses

the prime minister?5.In which two types of government do

people have no voice in their government?

Please read pages 16-17. Copy statements and fill in blanks.

1.Where does democracy begin?2.Who has the power to make and carry out

laws?3.What are the two types of democracies?4.In a parliamentary system, who chooses

the prime minister?5.In which two types of government do

people have no voice in their government?

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also exports goods and

services from other countries.4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Essential Question for today:

How do trade barriers affect

trade around the world?

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also exports goods and

services from other countries.4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also exports goods and

services from other countries.4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also _______ goods and

services from other countries.4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also _______ goods and

services from other countries.4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read pages 21. Copy statements and fill in blanks.1.No country produces all the _____ and _____

that it needs.2.Every country ______ goods and services from

other countries.3.Every country also ________ goods and

services from other countries.4.Every country has its own ________. 5.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.

Please 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 next

1.Which country is hidden behind the wall?2.What are the two people outside the wall

trying to get?3.Why is the sign on the wall ironic?4.Why does the person behind the door not

allow the two people to enter?5.Do you think the cartoonist is happy with the

“quota” policy or not?

1.What is the study of the use of resources to produce and distribute goods and services?

2.Economics is based on what?3.In what year did Iraq invade oil rich

Kuwait starting the first Gulf War?4. What is the principle of opportunity

cost?

Please write down the 8 questions. Please skip three lines per question. Thanks

5. To where can western economies trace their history?

6. Most economist believe that free enterprise triggered what type of revolution?

7. What type of command economy was found in China and Russia?

8. 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. Thanks

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also ______ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Essential Question for today:

How do trade barriers affect

trade around the world?

TODAY’S AGENDABell ringerTrade Barriers

Graphic OrganizerVideo – Econ8 Vocab Terms You

should knowCNN Student

News

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also _______ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also _______ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also _______ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also _______ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

Please read page 21. Copy statements and fill in blanks.

1.No country produces all the _____ and _____ that it needs.

2.Every country ______ goods and services from other countries.

3.Every country also ________ goods and services from other countries.

4.Every country has its own ________. 5.Countries sometimes try to protect their

industries by setting up _________.

http://www.edhelperclipart.com/clipart/teachers/org-mainidea3details.pdf

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.

1. 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.

1. 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?

TODAY’S AGENDABell ringer / CNN

Student News3 Column Chart on

Various types of economies

8 Review questions for next test

Video - Economy

Traditional• Based on culture and

tradition.• Strong social network.• Based on primitive

methods and tools.• Strongly connected to

subsistence farming.

Market• an economic system based on

individual choices and voluntary trade.

• Governments play a minor to no role

• Consumers and their buying drive the economy. (supply and demand)

• Market determines prices and wages

• Also known as: Free enterprise or Capitalism

What two Territories were Created for the

Palestinians by theUN in 1947A tax placed on

Goods that comeIn from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.The break up of

The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Command• All 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 power• No choice• No incentives to work hard

Please write down the following questions. While watching CNN Student News, please answer the question.

1. 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.

1. 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?

TODAY’S AGENDABell ringer / CNN

Student News3 Column Chart on

Various types of economies

8 Review questions for next test

Video - Economy

Traditional• Based on culture and

tradition.• Strong social network.• Based on primitive

methods and tools.• Strongly connected to

subsistence farming.

Market• an economic system based on

individual choices and voluntary trade.

• Governments play a minor to no role

• Consumers and their buying drive the economy. (supply and demand)

• Market determines prices and wages

• Also known as: Free enterprise or Capitalism

Command• All 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 power• No choice• No incentives to work hard

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Producing one goodThat a country can

Make to sell to Other countries Why is

specializationSo valuable in International Trade today

In 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 Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

Producing one goodThat a country can

Make to sell to Other countries

Why is specializationSo valuable in International Trade today

In 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 Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

Please write down the following questions. While watching CNN Student News, please answer the question.

1. 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.

1. 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?

TODAY’S AGENDA

Bell ringer / CNN Student News

Wheel Chart – Job Specialization

Review 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 gas…

While Israel specializes in agricultural technologies

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Producing one goodThat a country can

Make to sell to Other countries

Why is specializationSo valuable in International Trade today

In 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 Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

JOB SPECIALIZATIONCountries (like Israel and Saudi Arabia) then look to sell products to those

that need them

Specialization 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 need

Specialization allows people to do a more

efficient job at producing what they make best

JOB SPECIALIZATION3-2-1 EXIT TICKET

3 – Products made in USA 2- Products made in Saudi Arabia1- Product made in Israel

Please write down the following questions. While watching CNN Student News, please answer the question.

1. 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.

1. 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.

1. When will the proposed temporary debt ceiling deal end?

2. What are the two goals for International Day of the Girl?

3. What can you use to steer the world’s biggest ship?

4. In what country does Dr. George Bwelle live?

Please write down the following questions. While watching CNN Student News, please answer the question.

1. When will the proposed temporary debt ceiling deal end?

2. What are the two goals for International Day of the Girl?

3. What can you use to steer the world’s biggest ship?

4. In what country does Dr. George Bwelle live?

Essential Question for today:

How do economies function?

TODAY’S AGENDABell ringer / CNN

Student NewsTypes of

ResourcesEconomics

handout8 Vocabulary

terms you should know

Wanna 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 Resources

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

Wanna 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 Resources

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

Wanna 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 Resources

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!

B. Name that Economy

Please write down the following questions. While watching CNN Student News, please answer the question.

1.How many people were killed in the cyclone this past weekend in India?

2.Who is the majority leader in the United States Senate?

3.According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?

4.What college did La’Shonda 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.

1.How many people were killed in the cyclone this past weekend in India?

2.Who is the majority leader in the United States Senate?

3.According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?

4.What college did La’Shonda Jones, the first female African American Coast Guard Pilot, attend?

Essential Question for today:

How do economies function?

TODAY’S AGENDABell ringer / CNN

Student NewsEconomies of SA,

I, and IEconomics

handout8 Vocabulary

terms you should know

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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!

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 world’s major oil producers

Use money from oil to raise standard of living

High GDP because oil is such an important part of the world’s economy

Mixed economy but government holds strong economic control

Economy of Israel, page Mixed economy that is

highly developed and industrial

Lack of natural resources

Many work in medical technology and agricultural technology

Very high GDP because of investment in human capital

Please write down the following questions. While watching CNN Student News, please answer the question.

1.The new proposal to end the shutdown would give the government how much money for 6 months?

2.Two million Muslims are currently in what Saudi Arabian city performing the hajj?

3.In Hong Kong, how many tons of fish are brought in to a fish market?

4.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.

1.The new proposal to end the shutdown would give the government how much money for 6 months?

2.Two million Muslims are currently in what Saudi Arabian city performing the hajj?

3.In Hong Kong, how many tons of fish are brought in to a fish market?

4.What makes the homecoming king and queen of West Orange High school so unique?

Essential Question for today:

How do economies function?

TODAY’S AGENDABell ringer / CNN

Student NewsEconomies of SA,

I, and IOil and

Entrepreneurship8 Vocabulary

terms you should know

Economy of Saudi Arabia, pg 172-73

One of world’s major oil producers

Use money from oil to raise standard of living

High GDP because oil is such an important part of the world’s economy

Mixed economy but government holds strong economic control

Economy of Israel, page Mixed economy that is

highly developed and industrial

Lack of natural resources

Many work in medical technology and agricultural technology

Very high GDP because of investment in human capital

Economy of IranGovernment of Iran

controls most economic activity such as setting prices for goods

Fifth largest producer of oil which has led to highly trained workers

Well regarded schools and universities allow for well educated workers

Iran:Factors of Economic Growth

Human Capital and GDPSS7E7 a

Capital Goods and GDP

SS7E7 b

Role of OilSS7E7 c

EntrepreneursSS7E7 d

Iran is world’s 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.

Iran:Factors of Economic Growth

Role of OilSS7E7 c

EntrepreneursSS7E7 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 organization’s decisions to keep the price of oil on the world market at

high levels.

Iran:Factors of Economic Growth

Role of OilSS7E7 c

EntrepreneursSS7E7 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 organization’s 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

Please write down the following questions. While watching CNN Student News, please answer the question.

1.In what Swiss city are discussions being held about Iran’s nuclear program?

2.The Philippines are made up of how many islands?

3.Captain Swenson was awarded what medal for his actions in Afghanistan?

4.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.

1.In what Swiss city are discussions being held about Iran’s nuclear program?

2.The Philippines are made up of how many islands?

3.Captain Swenson was awarded what medal for his actions in Afghanistan?

4.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?

TODAY’S AGENDA

Bell ringer / CNN Student news

4 Square Chart – Oil and Entrepreneurs

Vocabulary Quiz

Israel:Factors of Economic

Growth

Israel has wide access to education and an economy that

depends on technology industries to make up for the country’s 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 a

Capital Goods and GDP

SS7E7 b

Israel:Factors of Economic

Growth

Few 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 c EntrepreneursSS7E7 d

Israel:Factors of Economic

Growth

Few 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. Israel’s 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 c EntrepreneursSS7E7 d

Israel 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.

Saudi Arabia:Factors of Economic

Growth

What to produce?

Saudi Arabia’s 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 world’s 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 a

Capital Goods and GDP

SS7E7 b

Saudi Arabia:Factors of Economic

GrowthSaudi Arabia has very few

natural resources. Oil production makes up the

majority of SA’s 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 c

EntrepreneursSS7E7 d

Saudi Arabia:Factors of Economic

GrowthSaudi Arabia has very few

natural resources. Oil production makes up the

majority of SA’s 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 c

EntrepreneursSS7E7 d

SA 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.