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