SIT IN YOUR ASSIGNED SEAT AND PUT YOUR BEHAVIOR CARD ON YOUR DESK. SS7E6 - The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East). SS7E7.d - Describe the role of entrepreneurship. Bell-Ringer – In your own words, define entrepreneur and tell me which economic system you would expect to find one. SIT IN YOUR ASSIGNED SEAT AND PUT YOUR BEHAVIOR CARD ON YOUR DESK.
How voluntary trade works Voluntary trade – the act of countries freely and willingly engaging in trade. Trades are made in such a way that both the buyer and the seller are better off after the trade than before it occurred. If one country has something another country wants, the opportunities for trade begin to unfold. Specialization encourages trade among countries because no country produces everything it needs. The country selling the product makes a profit, and the country buying the product gets what it needs.
How Voluntary trade works In the Middle East, if a country has oil to export, there are plenty of customers to buy it. Saudi Arabia, Iran, Iraq, and Kuwait export millions of barrels of oil every day. The United States imports oil from the Middle East because it does not have enough for the country’s needs. In turn, the U.S. exports food, medicine, and raw materials to the Middle East.
How voluntary trade works Having a more diversified economy, Turkey exports coal, textiles, and some food to European countries. The European countries then export needed transportation materials to Turkey. Israel imports rough diamonds and exports the finished product: cut and polished diamonds.
Entrepreneurs Entrepreneurs - creative, original thinkers who are willing to take risks to create new businesses and products. Willing to risk their own money to produce these new goods and services in the hope that they will earn a profit Iran – Small, but growing number of entrepreneurs. Iran is not very open to entrepreneurship. Israel - Moderately open to entrepreneurship. Relatively easy to start a business, but it takes longer than the world average to start it up.
Work Session Expectations You may work with ONE other person. You are both to create finished products. Keep your behavior card on your desk. If you need to get up or have a question, just raise your hand and I will be right over. The volume is not to go above a level 2 whisper. If the volume gets too loud, we go right back to our assigned seats and working alone. You have the remainder of class to work on this.
Work Session Create a Frayer Model for all of our vocabulary words: market economy, traditional economy, command economy, mixed economy, trade barrier, quota, tariff, embargo, human capital, capital goods, specialization, entrepreneurship, scarcity, surplus, OPEC, continuum, supply and demand, standard of living.