Bell ringer, 9.23

2. Bell ringer, 9.23 Please, 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?

3. 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.

5. Essential Question for today: What is the primary function of OPEC?

6. Today’s Agenda • Bell ringer • OPEC – Who, What, Where, When, Why • CNN Student News

7. OPEC

8. Bell ringer, 9.24 Please 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 _______.

9. Bell ringer, 9.24 Please 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 _______.

10. Essential Question for today: What is the primary function of OPEC?

11. Today’s Agenda • Bell ringer • OPEC – Who, What, Where, When, Why • CNN Student News

12. Bell ringer, 9.24 Please 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 _______.

14. Bell ringer, 9.24 Please 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 _______.

16. Bell ringer, 9.24 Please 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 _______.

18. Bell ringer, 9.24 Please 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 _______.

21. Bell ringer, 9.24 Please 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 _______.

22. Who is OPEC? • OPEC stands for Organization of Petroleum Exporting Countries. • It’s members include: • Iran • Iraq • Saudi Arabia • Kuwait • Venezuela

23. 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.

24. 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.

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

26. 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.

27. Bell ringer, 9.25 Please 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?

28. Bell ringer, 9.25 Please 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?

29. Bell ringer, 9.26 Please 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 _________.

30. Essential Question for today: How do trade barriers affect trade around the world?

31. Today’s Agenda • Bell ringer • OPEC – Who, What, Where, When, Why • CNN Student News

32. Bell ringer, 9.26 Please 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 _________.

34. Bell ringer, 9.26 Please 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 _________.

36. Bell ringer, 9.26 Please 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 _________.

38. Bell ringer, 9.26 Please 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 _________.

40. Bell ringer, 9.26 Please 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 _________.

41. 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.

42. Bell ringer, 9.26 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 • Which 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?

44. Bell ringer, 9.27 Please write down the 8 questions. Please skip three lines per question. Thanks • What 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?

45. Bell ringer, 9.27 Please write down the 8 questions. Please skip three lines per question. Thanks To 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?

46. 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 _________.

47. Essential Question for today: How do trade barriers affect trade around the world?

48. Today’s Agenda • Bell ringer • Trade Barriers Graphic Organizer • Video – Econ • 8 Vocab Terms You should know • CNN Student News

49. 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 _________.