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