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.
What is the primary
function of OPEC?
Bell ringer
OPEC – 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 _______.
What is the primary
function of OPEC?
Bell ringer
OPEC – 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 _________.
How do trade
barriers affect
trade around the
world?
Bell ringer
OPEC – 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 _________.
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
Please
write
copydown
downthe
5 questions.
5 questions.
Use
Use
thethe
cartoon
cartoon
on on
thethe
next
next
slide to answer the five questions. Thanks.
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?
Please write down the 8 questions. Please skip three lines per
question. Thanks
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 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 _________.
How do trade
barriers affect
trade around the
world?
Bell ringer
Trade Barriers
Graphic Organizer
Video – Econ
8 Vocab Terms You
should know
CNN 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 _________.
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?
How do
economies
function?
Bell ringer / CNN
Student News
3 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
A formal halt to
What two
What is hatred
Trade with a
Territories were
Of Jews
Particular country
Created for the
because
For economic or
Palestinians by the The
groupreligious
that controls both
Ofon
their
A tax placed
Political reasons
UN in 1947
The
supply
and
price
of
the
And
cultural
Goods that come
oil. did so many
beliefsof world’s
Why
In from oneMajority
Countries feel it
The break upCountry
of
to
The Ottomananother A limit on the Was right to create
Number of foreign The nation of Israel
Empire can be
Goods allowed into
Blamed on what
The country
World event?
What two
Territories were
Created for the
Palestinians by the
UN in 1947
What is hatred
Of Jews
because
Of their religious
And cultural
beliefs
The break up of
The Ottoman
A limit on the
Empire can be Number of foreign
Blamed on what Goods allowed into
World event?
The country
The group that controls both
The supply and price of the
Majority of world’s oil.
A formal halt to
Trade with a
Particular country
For economic or
Political reasons
Why did so many
Countries feel it
Was right to create
The nation of Israel
A tax placed on
Goods that come
In from one
Country to
another
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?
How do
economies
function?
Bell ringer / CNN
Student News
3 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 the
UN in 1947
What is hatred
Of Jews
because
Of their religious
And cultural
beliefs
The break up of
The Ottoman
A limit on the
Empire can be Number of foreign
Blamed on what Goods allowed into
World event?
The country
The group that controls both
The supply and price of the
Majority of world’s oil.
A formal halt to
Trade with a
Particular country
For economic or
Political reasons
Why did so many
Countries feel it
Was right to create
The nation of Israel
A tax placed on
Goods that come
In from one
Country to
another
Producing one good
In a market
That a country can
Economy,
Make to sell to
Who makes the
Other
countries
Saudi
Arabia specializes
in
Economic
The sale of what?
Decisions?
Why does
Economic
What is the
Specialization
Biggest problem
make
In a command
Trade between
Economy?
Countries easier
In a command
Economy,
How are decisions
Made?
Why is
specialization
valuable in
In aSo
traditional
International
Economy,
how are
Trademade?
today
Decisions
Producing one good
That a country can
Make to sell to
Other countries
Why does
Economic
Specialization
make
Trade between
Countries easier
In a market
Economy,
Who makes the
Economic
Decisions?
What is the
Biggest problem
In a command
Economy?
Saudi Arabia specializes in
The sale of what?
In a command
Economy,
How are decisions
Made?
In a traditional
Economy, how are
Decisions made?
Why is
specialization
So valuable in
International
Trade today
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.?
How do
economies
function?
Bell ringer / CNN
Student News
Wheel Chart – Job
Specialization
Review for test
3-2-1 Review
Not every country
can produce all the
goods and services
it needs …
Not every country
can produce all the
goods and services
it needs …
Countries often
specialize in goods
they can produce
most efficiently…
For example, Saudi While Israel specializes
in agricultural
Arabia specializes in
technologies
oil and gas…
What two
Territories were
Created for the
Palestinians by the
UN in 1947
What is hatred
Of Jews
because
Of their religious
And cultural
beliefs
The break up of
The Ottoman
A limit on the
Empire can be Number of foreign
Blamed on what Goods allowed into
World event?
The country
The group that controls both
The supply and price of the
Majority of world’s oil.
A formal halt to
Trade with a
Particular country
For economic or
Political reasons
Why did so many
Countries feel it
Was right to create
The nation of Israel
A tax placed on
Goods that come
In from one
Country to
another
Producing one good
That a country can
Make to sell to
Other countries
Why does
Economic
Specialization
make
Trade between
Countries easier
In a market
Economy,
Who makes the
Economic
Decisions?
What is the
Biggest problem
In a command
Economy?
Saudi Arabia specializes in
The sale of what?
In a command
Economy,
How are decisions
Made?
In a traditional
Economy, how are
Decisions made?
Why is
specialization
So valuable in
International
Trade today
Countries (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
Specialization 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
3 – Products made in USA
2- Products made in Saudi
Arabia
1- 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?
How do
economies
function?
Bell ringer / CNN
Student News
Types of
Resources
Economics
handout
8 Vocabulary
terms you should
know
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.
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.
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.
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?
How do
economies
function?
Bell ringer / CNN
Student News
Economies of SA,
I, and I
Economics
handout
8 Vocabulary
terms you should
know
Gross 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.
Per Capita GDP is the total Gross Domestic
Product divided by the number of people in
that country …
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
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?
How do
economies
function?
Bell ringer / CNN
Student News
Economies of SA,
I, and I
Oil and
Entrepreneurship
8 Vocabulary
terms you should
know
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
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
Government 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
Capital Goods and
GDP
SS7E7 b
Human Capital and GDP
SS7E7 a
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.
Role of Oil
SS7E7 c
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
Entrepreneurs
SS7E7 d
Role of Oil
SS7E7 c
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.
Entrepreneurs
SS7E7 d
Iran:
Factors of
Economic
Growth
Role of Oil
SS7E7 c
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.
Entrepreneurs
SS7E7 d
Iran:
Factors of
Economic
Growth
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?
How does
investment
affect
economic
growth?
Bell ringer / CNN
Student news
4 Square Chart –
Oil and
Entrepreneurs
Vocabulary Quiz
Human Capital and GDP
SS7E7 a
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:
Factors of
Economic
Growth
Capital Goods and
GDP
SS7E7 b
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.
Role of Oil SS7E7 c
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.
Israel:
Factors of
Economic
Growth
Entrepreneurs
SS7E7 d
Role of Oil SS7E7 c
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.
Israel:
Factors of
Economic
Growth
Entrepreneurs
SS7E7 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.
Human Capital and GDP
SS7E7 a
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:
Factors of
Economic
Growth
What
Capital
to produce?
Goods and
GDP
SS7E7 b
Saudi Arabia has
invested heavily in
capital goods,
especially the
technology related to
oil production,
transportation, and
communication.
Role of Oil
SS7E7 c
Saudi 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.
Saudi Arabia:
Factors of
Economic
Growth
Entrepreneurs
SS7E7 d
Role of Oil
SS7E7 c
Saudi 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.
Saudi Arabia:
Factors of
Economic
Growth
Entrepreneurs
SS7E7 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.