warm-up - new vocab (place on page 140)
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Warm-up: Review Activity for the Quiz
1- Get a review worksheet from the front.
2- Use your vocabulary, reading and notes from economic lessons 3 and 4.
3- Complete the review sheet and you will glue it into your journal.
4- You have 15 minutes and you may work with a partner.
Brain Pop“Stocks and Shares”
Economic Quiz #2After the quiz- page 205- add lesson 5 vocab
words page 210- read, highlight and
answer the question to lesson 5Make sure your packet is up to date
for completion! Everything should be done through page 221 after today!
• Money earned for jobIncome
• Money used by businesses or entrepreneurs to buy what they need to create their product or service
Financial Capital
•Income the government receives through taxes
Tax Revenue
• To put money into a business, financial account or property with the hopes of the funds increase in value
Investment
•To set aside income for a period of time with the hope of gaining a profit
Savings
•provided by the government for all citizens to use without any restrictions
Public Goods
ECONOMIC CIRCULAR FLOW
Resources, goods and services and money
flow continuously among households,
businesses and markets in the US economy
ObjectivesEssential Question Language
Explain how consumers, businesses and markets interact.
We will review and take a quiz, learn new vocabulary, take notes and participate in a FUN class activity.
Preview
http://www.epa.gov/safewater/kids/flash/flash_watercycle.html
What is an ecosystem in science? Can you think of an example?
Notes1- Resources, goods and services and money flow continuously between households, businesses and markets in the US economy.
- Own the resources used in production- Sell resources-Use the income to purchase products
- Buy resources-make and sell products3) Use profits to buy more resources
- Some income/ profits used for saving and investments-Provides the FINANCIAL CAPITAL that can be borrowed -Allows for business expansion
Individuals/Consumers (households)
Businesses (Producer) Individuals and Businesses(Savings and Investment)
- Collects tax revenue from individuals /businesses - Provides public goods
- Individuals sell resources and buy goods - Businesses buy resources and sell goods
Highlight this flow in a single color
GOVERNMENTHighlight this in a 2nd color FOREIGN MARKET
Highlight in 3rd color
Story
Economic Circular Flow Review
CLASS ACTIVITY!!!
Conclusion and Homework
1. Write a 2-3 sentence summary
2. Exit Ticket- Complete the exit ticket and turn it in (formative)
3. Homework on page 220- Draw an example of “Economic Circular Flow” ..- You can do it by using a particular good or service or just draw what you understand about the Circular Flow.
Create a Foldable1. Fold like a hot dog and crease2. Open up3. Fold paper like a hamburger and crease4. Open up5. Fold over each half like a hot dog toward
the center line and crease6. Make a cut along the crease from the 1st
hot dog line (just to the edge) 7. You should have 4 flaps8. Glue it down on the center of your page
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