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Bell ringer, 9.23

Feb 24, 2016

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Bell ringer, 9.23. Please, write the question . Read the introduction paragraph about OPEC that I will put on the board. Thanks. Where is the headquarters of OPEC located? What does the acronym OPEC stand for? When did Angola join OPEC? Who were the five founding members of OPEC? - PowerPoint PPT Presentation
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Page 1: Bell ringer,  9.23
Page 2: Bell ringer,  9.23

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?

Page 3: Bell ringer,  9.23

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.

Page 4: Bell ringer,  9.23
Page 5: Bell ringer,  9.23

Essential Question for today:

What is the primary function of OPEC?

Page 6: Bell ringer,  9.23

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

Page 7: Bell ringer,  9.23

OPEC

Page 8: Bell ringer,  9.23

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 _______.

Page 9: Bell ringer,  9.23

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 _______.

Page 10: Bell ringer,  9.23

Essential Question for today:

What is the primary function of OPEC?

Page 11: Bell ringer,  9.23

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

Page 12: Bell ringer,  9.23

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 _______.

Page 13: Bell ringer,  9.23
Page 14: Bell ringer,  9.23

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 _______.

Page 15: Bell ringer,  9.23
Page 16: Bell ringer,  9.23

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 _______.

Page 17: Bell ringer,  9.23
Page 18: Bell ringer,  9.23

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 _______.

Page 19: Bell ringer,  9.23
Page 20: Bell ringer,  9.23
Page 21: Bell ringer,  9.23

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 _______.

Page 22: Bell ringer,  9.23

Who is OPEC?

• OPEC stands for Organization of Petroleum Exporting Countries.

• It’s members include:• Iran• Iraq• Saudi Arabia• Kuwait• Venezuela

Page 23: Bell ringer,  9.23

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.

Page 24: Bell ringer,  9.23

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.

Page 25: Bell ringer,  9.23

When did OPEC start?

• OPEC first started in 1960, and it continues until now.

Page 26: Bell ringer,  9.23

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.

Page 27: Bell ringer,  9.23

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?

Page 28: Bell ringer,  9.23

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?

Page 29: Bell ringer,  9.23

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 _________.

Page 30: Bell ringer,  9.23

Essential Question for today:

How do trade barriers affect

trade around the world?

Page 31: Bell ringer,  9.23

TODAY’S AGENDA

Bell ringerOPEC – Who,

What, Where, When, Why

CNN Student News

Page 32: Bell ringer,  9.23

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 _________.

Page 33: Bell ringer,  9.23
Page 34: Bell ringer,  9.23

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 _________.

Page 35: Bell ringer,  9.23
Page 36: Bell ringer,  9.23

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 _________.

Page 37: Bell ringer,  9.23
Page 38: Bell ringer,  9.23

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 _________.

Page 39: Bell ringer,  9.23
Page 40: Bell ringer,  9.23

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 _________.

Page 41: Bell ringer,  9.23

Irony (from Dictionary.com)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.

Page 42: Bell ringer,  9.23

Please write down the 5 questions. Use the cartoon on the next slide to answer the five questions. Thanks.

Please copy down 5 questions. Use the cartoon on the next

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?

Page 43: Bell ringer,  9.23
Page 44: Bell ringer,  9.23

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

Page 45: Bell ringer,  9.23

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 write down the 8 questions. Please skip three lines per question. Thanks

Page 46: Bell ringer,  9.23

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 _________.

Page 47: Bell ringer,  9.23

Essential Question for today:

How do trade barriers affect

trade around the world?

Page 48: Bell ringer,  9.23

TODAY’S AGENDABell ringerTrade Barriers

Graphic OrganizerVideo – Econ8 Vocab Terms You

should knowCNN Student

News

Page 49: Bell ringer,  9.23

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 _________.

Page 50: Bell ringer,  9.23
Page 51: Bell ringer,  9.23

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 _________.

Page 52: Bell ringer,  9.23
Page 53: Bell ringer,  9.23

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 _________.

Page 54: Bell ringer,  9.23
Page 55: Bell ringer,  9.23

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 _________.

Page 56: Bell ringer,  9.23
Page 57: Bell ringer,  9.23

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 _________.

Page 58: Bell ringer,  9.23
Page 60: Bell ringer,  9.23
Page 61: Bell ringer,  9.23
Page 62: Bell ringer,  9.23
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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.

Page 64: Bell ringer,  9.23
Page 65: Bell ringer,  9.23

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.

Page 66: Bell ringer,  9.23

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?

Page 67: Bell ringer,  9.23
Page 68: Bell ringer,  9.23

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?

Page 69: Bell ringer,  9.23

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?

Page 70: Bell ringer,  9.23

Essential Question for today:

How do economies function?

Page 71: Bell ringer,  9.23

TODAY’S AGENDABell ringer / CNN

Student News3 Column Chart on

Various types of economies

8 Review questions for next test

Video - Economy

Page 72: Bell ringer,  9.23
Page 73: Bell ringer,  9.23
Page 74: Bell ringer,  9.23
Page 75: Bell ringer,  9.23

Traditional• Based on culture and

tradition.• Strong social network.• Based on primitive

methods and tools.• Strongly connected to

subsistence farming.

Page 76: Bell ringer,  9.23

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

Page 77: Bell ringer,  9.23
Page 78: Bell ringer,  9.23

What two Territories were Created for the

Palestinians by theUN in 1947A tax placed on

Goods that comeIn from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.The break up of

The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Page 79: Bell ringer,  9.23

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Page 80: Bell ringer,  9.23

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

Page 81: Bell ringer,  9.23

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?

Page 82: Bell ringer,  9.23

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?

Page 83: Bell ringer,  9.23

Essential Question for today:

How do economies function?

Page 84: Bell ringer,  9.23

TODAY’S AGENDABell ringer / CNN

Student News3 Column Chart on

Various types of economies

8 Review questions for next test

Video - Economy

Page 85: Bell ringer,  9.23
Page 86: Bell ringer,  9.23

Traditional• Based on culture and

tradition.• Strong social network.• Based on primitive

methods and tools.• Strongly connected to

subsistence farming.

Page 87: Bell ringer,  9.23

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

Page 88: Bell ringer,  9.23

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

Page 89: Bell ringer,  9.23

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Page 90: Bell ringer,  9.23

Producing one goodThat a country can

Make to sell to Other countries Why is

specializationSo valuable in International Trade today

In a command Economy,

How are decisions Made?

In a market Economy,

Who makes theEconomic Decisions?

Saudi Arabia specializes in The sale of what?

Why does Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

Page 91: Bell ringer,  9.23

Producing one goodThat a country can

Make to sell to Other countries

Why is specializationSo valuable in International Trade today

In a command Economy,

How are decisions Made?

In a market Economy,

Who makes theEconomic Decisions?

Saudi Arabia specializes in The sale of what?

Why does Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

Page 92: Bell ringer,  9.23

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.?

Page 93: Bell ringer,  9.23

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.?

Page 94: Bell ringer,  9.23

Essential Question for today:

How do economies function?

Page 95: Bell ringer,  9.23

TODAY’S AGENDA

Bell ringer / CNN Student News

Wheel Chart – Job Specialization

Review for test3-2-1 Review

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Page 97: Bell ringer,  9.23

JOB SPECIALIZATIONNot every country can produce all the goods and services

it needs …

Page 98: Bell ringer,  9.23
Page 99: Bell ringer,  9.23

JOB SPECIALIZATIONNot every country can produce all the goods and services

it needs …

Countries often specialize in goods they can produce most efficiently…

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JOB SPECIALIZATIONFor example, Saudi Arabia specializes in

oil and gas…

While Israel specializes in agricultural technologies

Page 105: Bell ringer,  9.23

What two Territories were Created for the

Palestinians by theUN in 1947

A tax placed onGoods that come

In from one Country to

another

A formal halt to Trade with a

Particular country For economic orPolitical reasons

What is hatredOf Jews because

Of their religiousAnd cultural

beliefs

The group that controls bothThe supply and price of the

Majority of world’s oil.

The break up of The Ottoman Empire can be Blamed on what

World event?

Why did so manyCountries feel it

Was right to create The nation of Israel

A limit on theNumber of foreignGoods allowed into

The country

Page 106: Bell ringer,  9.23

Producing one goodThat a country can

Make to sell to Other countries

Why is specializationSo valuable in International Trade today

In a command Economy,

How are decisions Made?

In a market Economy,

Who makes theEconomic Decisions?

Saudi Arabia specializes in The sale of what?

Why does Economic

Specialization make

Trade between Countries easier

In a traditional Economy, how areDecisions made?What is the

Biggest problemIn a command

Economy?

Page 107: Bell ringer,  9.23

JOB SPECIALIZATIONCountries (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

Page 108: Bell ringer,  9.23

JOB SPECIALIZATIONSpecialization 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

Page 109: Bell ringer,  9.23

JOB SPECIALIZATION3-2-1 EXIT TICKET

3 – Products made in USA 2- Products made in Saudi Arabia1- Product made in Israel

Page 110: Bell ringer,  9.23

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?

Page 111: Bell ringer,  9.23

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?

Page 112: Bell ringer,  9.23

Essential Question for today:

How do economies function?

Page 113: Bell ringer,  9.23

TODAY’S AGENDABell ringer / CNN

Student NewsTypes of

ResourcesEconomics

handoutReview for TestTest

Page 114: Bell ringer,  9.23

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

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.

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

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.

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

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.

A. Types of Resources

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Wanna be a GENIUS? Learn Economics!

B. Name that Economy

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Wanna be a GENIUS? Learn Economics!

B. Name that Economy

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Wanna be a GENIUS? Learn Economics!

B. Name that Economy

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Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product

Page 124: Bell ringer,  9.23

Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product