Starter
• What kind of charge does a grand jury bring against an accused person?
• Who defends a poor person in trial when they cannot afford a lawyer?
• Where was the US Constitution written and when was it written?
8.03 Circular flow of economics
Goal 8- the US Economy
Circular flow of economic activity
• Three main actors in economics– Households– Businesses– The government
• All three are interdependent on each other
Three actors
• Households- Provide labor and act as consumers
• Businesses- act as producers and consumers– How are businesses consumers?
• Government- acts as both a consumer and a producer as it promotes structure and regulation.
Economic Flow Chart
Product and Factors Market
• Product market- where goods are sold for final consumption– Shoes for a jogger, pencil for a student– This is where producers earn a profit
• Factors market- goods sold to increase production– Capital goods are sold here– This is where producers invest.