Presentation on theme: "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!"— Presentation transcript:
1Today’s Warm UpHow 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!
2Where We’re Headed…From MICROeconomics to MACROeconomics
3Economic Interdependence Unit Essential Question: How can economic stability be achieved?Today’s LEQ: Why is our economy interdependent?
4Economic Interdependence People participate in the economy in a variety of waysPeople make decisions as consumers when they purchase g/sPeople make decisions as producers when:They provide human & natural resources to businessesTheir savings allow businesses to borrow to make investments in capital goodsPeople make decisions as citizens, especially as voters, that influence the economic decisions made collectively in the economyECONOLAND SIMULATION
6Visual 10.1: Circular Flow of Productive Resources, Goods & Services, and Money Payments
7ECONOLAND 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?
9A/B PartnersGive an example of a productive resource that households sell to government.Give an example of a good or service that businesses sell governmentGive 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.
10Economic Interdependence The U.S. economy is organized around a system of private marketsPrices for g/s are determined by the interaction of buyers and sellersThis form of economic activity creates a type of interdependence between people in households and people in businesses
11Circular Flow CollageRecreate the circular flow diagram on your poster paper by finding examples within newspapers & magazines of the circular flow actions taking placeInclude 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)
12A/B PartnersHow 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?
13Case 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 wholeEach person will share and discuss their findings with the rest of the groupAfter the discussion is complete, your group should complete the provided graphic organizerIn column 1, the headline should be writtenIn column 2, the group should provide a concise explanation of how this event could impact at least two sectors of the economyIn column 3, the group should provide evidence presented in the article to support their conclusion
14Today’s Exit TicketProvide a formal response to today’s LEQ: Why is our economy interdependent?