Unit 2 _ ppt 1 _ Interdep

Report
Today’s Warm Up
• How is my life affected by how well the
economy is doing?
• How do you know how well the economy is
doing?
• Be ready to share!
Where We’re Headed…
• From MICROeconomics to MACROeconomics
Economic Interdependence
Unit Essential Question: How can economic
stability be achieved?
Today’s LEQ: Why is our economy
interdependent?
Economic Interdependence
• People participate in the economy in a variety of
ways
– People make decisions as consumers when they
purchase g/s
– People make decisions as producers when:
• They provide human & natural resources to businesses
• Their savings allow businesses to borrow to make
investments in capital goods
– People make decisions as citizens, especially as voters,
that influence the economic decisions made
collectively in the economy
• ECONOLAND SIMULATION
ECONO FACTORY
Visual 10.1: Circular Flow of Productive Resources,
Goods & Services, and Money Payments
ECONOLAND Recap: A/B Partners
1. According to the diagram, in which markets
do businesses give money-income payments
to households in exchange for their
productive resources?
2. In which markets do households give money
payments to businesses in exchange for
goods and services?
3. What did Econos represent in the simulation?
Visual 10.2: Government in the
Circular Flow
A/B Partners
1. Give an example of a productive resource that
households sell to government.
2. Give an example of a good or service that
businesses sell government
3. Give an example of a good or service that
government provides to households in exchange
for money payments, mainly taxes.
4. Give an example of a good or service that
government provides to businesses in exchange
for money payments.
Economic Interdependence
• The U.S. economy is organized around a
system of private markets
• Prices for g/s are determined by the
interaction of buyers and sellers
• This form of economic activity creates a type
of interdependence between people in
households and people in businesses
Circular Flow Collage
• Recreate the circular flow diagram on your
poster paper by finding examples within
newspapers & magazines of the circular flow
actions taking place
• Include both real flows (a picture of someone
getting a haircut or purchasing goods at a
store) and money flows (an arrow showing
the flow of money)
A/B Partners
• How do individuals and families in households
depend on people in business?
• How do businesses depend on individuals and
families in households?
• What is the role of government in the circular
flow of economic activity?
Case Study – Jigsaw Activity
• Groups of four (two sets of A/B partners)
• Each person reads one current event article &
determines how one event may affect the economy as
a whole
• Each person will share and discuss their findings with
the rest of the group
• After the discussion is complete, your group should
complete the provided graphic organizer
– In column 1, the headline should be written
– In column 2, the group should provide a concise
explanation of how this event could impact at least two
sectors of the economy
– In column 3, the group should provide evidence presented
in the article to support their conclusion
Today’s Exit Ticket
• Provide a formal response to today’s LEQ:
Why is our economy interdependent?

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