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Session 3 Circular Flow. Disclaimer : The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System. TEKS.

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session 3 circular flow

Session 3Circular Flow

Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

slide2
TEKS

(8) Economics. The student understands the circular-flow model of the economy. The student is expected to:

(A) interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model;

(B) explain how government actions affect the circular-flow model; and

(C) explain how the circular-flow model is affected by the rest of the world.

teaching the terms
Teaching the Terms
  • Factors of production
  • Markets
  • Firms
  • Households
  • Entrepreneurs
  • Profit
simulation
Simulation
  • Half of the group will be entrepreneurs
    • Wear an “entrepreneur badge” that signifies your innate talent
    • Envelope contains money that may be used to buy resources
    • Sets of resources can be brought to the “factory” and traded for “econos,” which can be sold
  • The goal of the entrepreneur is to make a profit!
simulation1
Simulation
  • Half of the group will be households
    • Each household possess a different combination of resources
    • Households sell resources and derive income
    • Income can be used to purchase goods and services, called “econos”
  • Households seek to increase their standard of living by acquiring “econos”
simulation debrief
Simulation – Debrief
  • Were you a buyer or a seller?
  • What motivated you?
  • How many different types of markets did you observe?
circular flow

Resources

Land, Labor, Capital, Entrepreneurship

Circular Flow

Resource Payments

Rent, Wages, Interest, Profit

Household Expenditures

Business Revenues

Goods and Services

Goods and Services

circular flow1

Resources

Land, Labor, Capital, Entrepreneurship

Circular Flow

Resource Market

Resource Payments

Rent, Wages, Interest, Profit

Households

Businesses

Household Expenditures

Business Revenues

Product Market

Goods and Services

Goods and Services

slide10

Resource Market

Government

Households

Businesses

Product Market

slide11

Resources

Land, Labor, Capital, Entrepreneurship

Resource Payments

Rent, Wages, Interest, Profit

Services

Resource Market

Households

Businesses

Government

Product Market

Expenditures

Goods and Services

Taxes

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