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Understanding OPEC: Impact on Global Economy

Dive deep into the acronym OPEC and its significance in the global economy. Explore the laws of supply and demand and the impact of OPEC on Western countries. Analyze the reasons countries join alliances like OPEC and the consequences of economic instability on oil prices.

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Understanding OPEC: Impact on Global Economy

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  1. Monday, March 17thClass Discussion What is an acronym? How is it different from an abbreviation? Can you come up with 3 acronyms?

  2. 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.

  3. Self Contained Underwater Breathing Apparatus

  4. National Aeronautics and Space Administration

  5. Light Amplification by Standard Emissions of Radiation

  6. Organization of Petroleum Exporting Countries

  7. OPEC • The Organization of Petroleum Exporting Countries. • Founded in 1960 – it currently has 11 member nations

  8. WHY??? Do countries join alliances?

  9. Security or… Economics

  10. Algeria Indonesia Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia U.A.E. Venezuela Member countries

  11. This little piggy…

  12. DOES… U.S. ?

  13. LAW of PRICING How can cartels like OPEC manipulate the laws of supply & demand?

  14. Golden Goose Rule • Moral - Shortsighted actions can lead to long term pain. • How does this apply to OPEC?

  15. Gas Lines in 1973

  16. INSTABILITY • How has instability in the Middle East (Iran & Iraq in particular) led to higher oil prices?

  17. Create a List Of ways that higher gas prices will impact you or your family.

  18. Higher fuel cost

  19. Higher Food Costs

  20. Are there any… Possible benefits to higher gas prices?

  21. Alternative fuels

  22. New technologies

  23. Conservation

  24. 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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