Download Wednesday, May 24th Bell Ringer #23

Monday, March 17th
Class 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
OPEC
 The Organization
of Petroleum
Exporting
Countries.
 Founded in 1960
– it currently has
11 member
nations
WHY???
Do countries join alliances?
Security or…
Economics
Member countries
Algeria
Indonesia
Iran
Iraq
Kuwait
Libya
Nigeria
Qatar
Saudi Arabia
U.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.