When gasoline is in high demand and on short supply, OPEC can raise the price to turn a significant profit. Help learners understand the economics behind demand, profit motive, and monopolies with a lesson plan that focuses on OPEC and gasoline prices. 

Concepts

gasoline, the law of demand, supply and demand, consumer finance, economics, monopolies

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Additional Tags

social studies

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Pros

• Applicable to class members' lives and current events
• Uses real-world examples to reinforce the concepts of supply and demand

Cons

• None