warmup/journal #7 pick up, read, and summarize the article titled “china’s economy is on track...
TRANSCRIPT
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Warmup/Journal #7
• Pick up, read, and summarize the article titled “China’s Economy is on Track to Surpass the U.S. by 2035
• Also answer if you think this is an accurate article and explain why or why not.
• ½ page minimum
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Economics
Unit 2: Competitive MarketsLesson 8: Circular Flow
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Circular Flow Model
• A tool for understanding how the U.S. economy or any market based economy operates.
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Economic Actors
• 2 Economic Actors• Consumers = Households• Producers = Business Firms• 2 Markets• Product markets – goods and services• Resource markets – land, labor, capital,
entrepreneurship
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Economic Actors continued
• These markets do not have a single location and they reflect the supply and demand for any resource
• Financial markets establish interest rates• Labor markets establish the wages required to
hire workers
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Key Points of Circular Flow
• Households are both buyers & sellers – buy goods & services in product market – also sell resources – land, labor, capital in the resource market
• Business firms are both buyers & sellers – in product market sell what they produce – in resource market buys the resources of individuals
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Key Points of Circular Flow
• $$$ also flows in one direction• Resources & products always flow in the
opposite direction• Every action in circular flow has a reaction –
every dollar spent in the product market becomes a dollar of income to someone
• Ex. Can of corn• Infinite number of transactions using circular
flow model
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Read pg. 62 in Book
• Answer in your notes how each of the three economic questions are answered using the circular flow model
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Cooperative Group Work
• Page 63 – Applying Economic Skills• Minicase: The Boeing Company Layoffs• One answer sheet per table• Due at end of the hour