Monday , March 17th Class Discussion
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Transcript of Monday , March 17th Class Discussion
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Monday, March 17thClass Discussion
What is an acronym? How is it different from an abbreviation?Can you come up with 3 acronyms?
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Here is the plan…
Students will be able to recall the acronym OPEC.
Students will understand the laws of supply and demand.
Students will comprehend impact that OPEC can have on Western Countries.
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Self Contained Underwater Breathing Apparatus
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National Aeronautics and Space Administration
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Light Amplification by Standard Emissions of Radiation
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Organization of Petroleum Exporting Countries
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OPECThe
Organization of Petroleum Exporting Countries.
Founded in 1960 – it currently has 11 member nations
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WHY???
Do countries join alliances?
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Security or…
Economics
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Member countries
AlgeriaIndonesiaIranIraqKuwait
LibyaNigeriaQatarSaudi ArabiaU.A.E.Venezuela
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This little piggy…
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DOES…
U.S.
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LAW of PRICING
How can cartels like OPEC manipulate the laws of supply & demand?
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Golden Goose Rule
Moral - Shortsighted actions can lead to long term pain.
How does this apply to OPEC?
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Gas Lines in 1973
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INSTABILITY
How has instability in the Middle East (Iran & Iraq in particular) led to higher oil prices?
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Create a List
Of ways that higher gas prices will impact you or your family.
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Higher fuel cost
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Higher Food Costs
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Are there any…
Possible benefits to higher gas prices?
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Alternative fuels
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New technologies
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Conservation
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Here is the plan…
Students will be able to recall the acronym OPEC.
Students will understand the laws of supply and demand.
Students will comprehend impact that OPEC can have on Western Countries.