Week 6

In this week we spoke about an oil economies and the history of it. In the first class we saw a video about Oil economies and the history and development of the UAE and Dubai economy. After that, each student should speak and present about the country which he has to search about it. I started search about Iran and this little information about if

Iran

Introduction

Aria : 1.6 Million SQ. km

Nationality: Iranians

Population : ( 2010 ) 76,923,300 million

Resources

Iran has Natural resources like: Petroleum, Natural Gas, Coal, Chromium, Copper, Iron ore, Manganese, Zinc and Sulfur. Also agriculture ( Principle products ) like : Wheat, Rice, Other grains, Sugar beets, Fruits, Nuts, Cotton, Dairy products, Wool and Caviar.

Iranian Oil

By comparing Iran and the other countries we can find that

1.      Iran has about 10 % world’s total proven petroleum.

2.      Iran has about 4.5 % of global production. ( oil production )

3.      Oil GDP in Iran is 18.7% 

The Numbers of Oil in Iran

—  Oil production ( 4.252 million bbl/ day)         5

—  Oil consumption ( 1.845 million bbl/day )      14 

—   Oil exports ( 2.523 million bbl/day)                 3

—  Oil import ( 297.10o million bbl/day)               36

Oil proved reserves ( 137 billion bbl/day)         4

                                                                                                ( Country Comparison to the world )

                                                                                                               

Top Iranian Crude Oil Export Destination:

Country	Thousand bbl/day
Japan	523
China	411
India	374
South Korea	258
Italy	197
France	131
South Africa	128
Greece	113
Netherland	93
Spain	79
Other	151
Total Exports:	2,458

In future and Opinions

—  There is an increasing fear among world countries over Iran's nuclear program and Iran's defiant attitude might lead to a war in order to prevent the rapid uranium enrichment program.

—  in case of a war against Iran, crude oil prices would shoot up immediately above $100 a barrel. The reason are as follows:

¡  1. Iran is the world's fourth largest oil producer

¡  2. Iran is also the fourth largest oil exporter

¡  3. War against Iran would block exports leading to an immediate spike in prices.

¡  4. countries like India, China, Japan and South Korea would be hurt significantly by a war on Iran. These countries are the major export destinations for Iran and no exports would mean drastic reduction in supply leading to spiraling crude prices in these countries

¡  5. The Strait of Hormuz, in the Northern coast of Iran, is a strategic crude oil choke point. Nearly 40% of the world's seaborne oil shipments and 20% of all world shipments pass through this Strait. Iran can easily close this choke point causing crude oil supplies to fall by 20% on an immediate basis.

Week 5 ( 6/10/2011)

Money and how we use it?

We heard this lot from people and some people did not know about the answer.  We knew that someone who makes lots of money has a high income and a person who has lots of money is wealthy.

As I said before, how did people use money in the past and defined of money is an asset that is generally accepted as payment for goods and services or repayment of debt. On the other hand, Money has three characteristics:

1.       Means of payments. (Used in exchange for goods and services).

2.       Unit of account. (Used to quote prices) .

3.       Store of Value. (Used to move purchasing power into the future).

From page 72 and 75 I find some difficult to understand the inflation and how it works. Also, M1 and M2 on table 2.1 was confused me. I will ask students in the class what does it mean and how it calculates?

week 5 ( 2/10/2011)

In the class, Mr. Mark spoke about money. First Question was what money use for and why did we use money and why did we use coins (gold and silver)?

We learn that people in the past and until now use money for:-

-       Transaction

-       Exchange

-       To Buy Things

-       Shaps things in the Past  

On the hand it could be to lend and brow and it says in economics “ As a medium Exchange “

Money is excitable for everything and it could swap with everything, money solve lots of problem with agree or disagree people who want to exchange and do not. For Example, money can exchange with any things and you do not have to bring something which the other person wants it just you should give him coins.

 After that, we spoke about store of Value,,,

It means that, you have to share money for future Spending and how much you worth. Also what is your salary and is it enough today.

Finally, why did we use coins on silver or gold?

-       Easy to carry ( Portable )

-       Divisable  ( break it down into change )

-       Durable ( something could not Damage )

-       Scarce

week 4

In this week, each student shoud speak about one of economist scientists. I chose David Ricardo ( 1772 – 1823 ) and he was from London, England. He was the most successful people who both tremendous success and Lasting fame. David Ricardo developed two key theories that are still important in economics courses today. They are Distribution theory and International trade theory. And he said something which I like it and it was ( If all countries specialised where they had a comparative advantage, then the level of world welfare should increase.)

On the other hand, Mr. Mark gives us new website to work on and submit our work on it. It was prezi website and it is easy to use.

week 3

In this week we start speaking about Economists in the world such as Adam Smith, Divad Ricardo, Jhon Stuart Mill, John Maynard Keynes …Etc. Mr. Mark give us some information about them like their history and their schools like Austrian, Keynesian, Marxist and liberstrian schools. Also, he spook about their development of global economy and how successes and failures was over the last few hundred years. After that, we searched in Wikipedia website and rood some information about them. The person which I liked it was David Ricardo and I like his theory and what he did in the modern economic. In the class, each student should speak about one person and what did he do in Econmic world and were hey related to( schools and economists)  also what are their theories.