These frogs need flies to eat. We call this DEMAND. If they don’t eat, they will not survive. The fly is the food. We call this the SUPPLY STARTER: 1.What.

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Presentation transcript:

These frogs need flies to eat. We call this DEMAND. If they don’t eat, they will not survive. The fly is the food. We call this the SUPPLY STARTER: 1.What is happening in this picture (where there are more frogs than flies)? 2.What would happen if there were more flies than frogs? 3.What is the relationship between SUPPLY and DEMAND? 4.How can we apply this to our lives? Supply and Demand

We will re-visit SUPPLY and DEMAND later in this lesson.

Title: Petrol A PUZZLE: Petrol now costs around £1.18 per litre A car can travel for about 10miles per litre of fuel How much would the fuel cost to drive from Bristol to London (130 miles) and back again?

Title: OIL 130 miles x 2 = 260 miles 10 miles/litre 260 miles = 26 litres 26 £1.18 = £30.68* *this would cost much more if you got stuck in traffic. Do you know why?

Title: OIL The minimum wage for an 18 year old is £4.60 per hour How many hours would you have to work to buy enough fuel to get to London and back? (remember it would cost at least £30.68) Answer: 6.7 hours, or almost a whole day

OPEC is the Organisation of the Petroleum Exporting Countries. The countries are Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador. These countries have a lot of oil (in this country we only have a bit) So, why does petrol cost so much? OPEC control SUPPLY and DEMAND of oil from their members. How do you think this affects the price of petrol? Many people think that the OPEC members should extract more oil to reduce the price. Why would they do this?

Oil companies buy the oil and refine it to make petrol. They then sell this petrol to consumers. Oil companies need to make a profit. How do you think this affects the price of petrol? Many people think that oil companies should make less profit. Why would they do this? So, why does petrol cost so much?

The government charge taxes on fuels. More taxes are needed to fund hospitals, roads etc. How do you think this affects the price of petrol? Many people think that the government should reduce taxes. Why would they do this? So, why does petrol cost so much?

Lorry drivers deliver the petrol. They want a pay rise. How do you think this affects the price of petrol? So, why does petrol cost so much?

Title: Petrol Prices TASK: 1. Write 4 sub-headings: OPEC Oil Companies UK Government Lorry Drivers 2.For each sub-heading, write how this group of people are making petrol prices higher. 3.Which group of people can make the biggest difference to prices and what could they do?