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WARM-UP - New Vocab (place on page 140)

WARM-UP - New Vocab (place on page 140) . These words cannot be found in the glossary. Can you figure out how to match them anyway? . ECONOMIC CIRCULAR FLOW. Resources, goods and services and money flow continuously among households, businesses and markets in the US economy.

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WARM-UP - New Vocab (place on page 140)

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  1. WARM-UP- New Vocab (place on page 140) These words cannot be found in the glossary. Can you figure out how to match them anyway?

  2. ECONOMIC CIRCULAR FLOW Resources, goods and services and money flow continuously among households, businesses and markets in the US economy

  3. Review of Key Concepts DEMAND 1. ______________________________ is the amount of a good or service that consumers are willing and able to buy at certain prices. 2. ______________________________ is the amount of a good or service that producers are willing and able to sell at certain prices. 3. The interaction of supply and demand determines _____________________________. 4. The 4 factors of production are ________________________, _______________________, ____________________________ and _____________________________________. 5. ____________________________ is the combining or resources or the factors of production to make goods and services. 6. Resources and ___________________________________ determine what is produced. 7. ________________________________________ is the using of goods and services. SUPPLY PRICE NATURAL CAPITAL LABOR ENTREPRENEUR PRODUCTION CONSUMER PREFERENCE CONSUMPTION

  4. Preview What is an ecosystem in science? Can you think of an example? http://www.epa.gov/safewater/kids/flash/flash_watercycle.html

  5. Individuals (households) GOVERNMENT Use tax revenue from individual and business profit Provides public goods and services FOREIGN MARKET Individuals sell resources and buy goods Businesses buy resources and sell goods Individuals and Businesses SAVINGS Businesses (Producer)

  6. Economic Circular Flow Review

  7. CLASS ACTIVITY!!!

  8. Test Corrections The remaining class time can be used for test corrections. Test corrections will not be sent down to resource! REMEMBER- write the • Question # • Question • New answer letter • Complete new answer choice

  9. Create a Foldable 1. Fold like a hot dog and crease 2. Open up 3. Fold paper like a hamburger and crease 4. Open up 5. Fold over each half like a hot dog toward the center line and crease 6. Make a cut along the crease from the 1st hot dog line (just to the edge) 7. You should have 4 flaps 8. Glue it down on the center of your page

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