SS7E5 Explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East).
- Explain how specialization encourages trade between countries.
- Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargoes.
- Explain why international trade requires a system for exchanging currencies between nations.
- Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC).
SS7E6 Describe factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Turkey.
- Evaluate how literacy rates affect the standard of living.
- Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP per capita).
- Explain the relationship between investment in capital goods (factories, machinery, and technology) and gross domestic product (GDP per capita).
- Explain how the distribution of oil has affected the development of Southwest Asia (Middle East).
This week the students will complete the following activities:
Monday: GDP Simulation Activity
Tuesday: OPEC & Specialization
Wednesday: Trade Barriers & Vocabulary Quiz #2 (words listed below)
standard of living– a person’s level of comfort; determined by the amount of goods, services, and luxuries available to a person
scarcity-the condition that exists because human wants go beyond the available resources required to satisfy those wants; when there isn’t enough of something because humans want more than they can have
producer– someone who uses resources to make a good or service
consumer-someone who buys or trades a good or service
economic system-the way a nation uses its resources to satisfy people’s needs and wants
traditional economy-an economic system in which social roles and culture decide what goods and services will be produced, how they will be produced, and for whom; when you make what tradition/customs tell you to make
command economy-an economic system in which the government decides what goods and services will be produced, how they will be produced, and for whom
market economy-an economic system in which individual choices decide what goods and services will be produced, how they will be produced, and for whom
mixed economy-an economic system that has mixed features of command and market economies