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Today’s Warm Up

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 MICRO economics to MACRO economics. Economic Interdependence.

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Today’s Warm Up

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  1. 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!

  2. Where We’re Headed… • From MICROeconomics to MACROeconomics

  3. Economic Interdependence Unit Essential Question: How can economic stability be achieved? Today’s LEQ: Why is our economy interdependent?

  4. 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

  5. ECONO FACTORY

  6. Visual 10.1: Circular Flow of Productive Resources, Goods & Services, and Money Payments

  7. ECONOLAND Recap: A/B Partners • According to the diagram, in which markets do businesses give money-income payments to households in exchange for their productive resources? • In which markets do households give money payments to businesses in exchange for goods and services? • What did Econos represent in the simulation?

  8. Visual 10.2: Government in the Circular Flow

  9. A/B Partners • Give an example of a productive resource that households sell to government. • Give an example of a good or service that businesses sell government • Give an example of a good or service that government provides to households in exchange for money payments, mainly taxes. • Give an example of a good or service that government provides to businesses in exchange for money payments.

  10. 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

  11. 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)

  12. 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?

  13. 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

  14. Today’s Exit Ticket • Provide a formal response to today’s LEQ: Why is our economy interdependent?

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