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.