Unit One: Learning Objectives:
North Clackamas School District Social
Studies Priority Standards:
• Econ 53. Describe characteristics of
command, market, traditional, and
mixed economies and how they affect
jobs and standards of living.
• Econ 59. Demonstrate the skills and
dispositions needed to be a critical
consumer of information.
Lesson Seven: Daily Learning Target
I Can define and explain in writing the
following key Economic concepts:
Circular Flow Model
We will be using Cornell Note Taking
Format Today!
Mr. Kirby’s Class: “The world of overused quotes and clichés!
“There Aint No Such Thing
as a Free Lunch!”
Take one step at a
time to success in
Economics!
Businesses
GOVERNMENT
iFuzzy iWuzzy
1
2
1 a. Goods and services[iFuzzy]
2 b. Consumer expenditures
4 c. Land, labor, cap., entrepreneur
3 d. Rent, wages, interest, & profits
3
4
The “Gangsta Car”
Product Market
Chrysler300
“Gangsta Car
1
2
Which flow represents?
Households
A. Consumer expenditures? Businesses
B. Goods and services?
Chrysler Plant
C. Land, labor, capital, and
entrepreneurial ability?
D. Rent, wages, interest,
Businesse
and profits?
s
Labor for
3
“Gangsta Cars”
4
Resource Market
$ COSTS
NET TAXES FLOW
TO GOVERNMENT
FROM BUSINESSES
$ INCOMES
GOVERNMENT
RESOURCEGOODS & SERVICES
MARKETFLOW TO BUSINESSES
RESOURCES
INPUTS
G/S
HOUSEHOLDS
BUSINESSES Taxes
GOVERNMENT
GOODS &
SERVICES
GOODS &
SERVICES
PRODUCT
MARKET
$ REVENUE
$ CONSUMPTION
• Your group is building a new zoo.
• You have to decide what animals to have.
• Space is limited. You get 25 acres.
• Take 8-10 minutes to make your
selections, based on the next slide.
• Each group will be given a copy of slide 5.
Use pencil in case you need to erase.
•
•
•
•
•
•
•
•
Lion - 2 acres
Turkey - 1/10 acre
Giraffe -1 acre
Seal - 1/2 acre
Camel - 1/2 acre
Cheetah - 1 acre
Cow - 1/3 acre
Monkey - 1/2 acre
•
•
•
•
•
•
•
•
Asian Elephant - 1 acre
African Elephant - 1.5 acres
Reptile House - 5 acres
Hammerhead Shark - 1/2 acre
Kangaroo - 1/2 acre
Tiger - 1 acre
Whales - 3 acres
House of Birds - 5 acres
Lion - 2 acres; Turkey - 1/10 acre; Giraffe -1 acre; Seal - 1/2 acre; Camel - 1/2 acre;
Cheetah - 1 acre; Cow - 1/3 acre; Monkey - 1/2 acre; Asian Elephant - 1 acre;
African Elephant - 1.5 acres; Reptile House - 5 acres; Hammerhead Shark - ½ acre;
Kangaroo - 1/2 acre; Tiger - 1 acre; Whales - 3 acres; House of Birds - 5 acres.
To get you started here are some examples of what you might do!
Two monkeys
This would have taken care of 7 of the 25 acres. 18 more to go!
Two
Asian
elephants
Two
camels
Remember that 2 of each
helps future zoo stock.
Two
seals
Two tigers
6. What was the last animal to make the cut for your zoo?
(Marginal Analysis)
7. What was the animal that just missed the cut for your zoo?
(That animal is the “opportunity cost” [“opportunity lost”]
8. What animal did everyone in your group agree to include ___?
9. Explain how this exercise relates to the follwing concepts: Scarcity, Tradeoffs, Opportunity
Cost in a well written paragraph below:
After you complete the Quiz:
“Circular Flow Model of a Market Economy”
Poster-Problem Solving activity #4
 Create a circular flow model poster using
page 40 (figure 2.3)
 Draw and Label all flow as seen in figure
2.3
 Draw three pictures or icons for:
Household, government and firms.
 Define the following terms on your chart







Household
Firm
Government
Factor Market
Product Market
Monetary Flow
Physical Flow
?
?
?
?
?
 Include a title-color and shade poster
“Circular Flow” Poster
Rubric
EXCEEDING
5
Excellent- final
draft,” quality.
Very creative, all
components
present including
colored/shaded
pictures (3) ,
detailed
information. Flow
is correct and
definitions
detailed and
complete.
“Futures
Possibilities
realized!”
PROFICIENT
4
Good- final draft,”
quality. Creative, all
components present
including colored/shaded
pictures (3) , detailed
information. Flow is
correct and definitions
complete.
“At the Frontier!”
Efficiently run
business!
.
PROGRESSING
3.5
Good - final draft
qualityall components present
including pictures (3) ,.
“JUST THE FACTS MAN!
EMERGING
3
O.K.-A draft-all
components present
including pictures (3) ,
information.
“Bare minimum’
“Barely efficient”
Much work to be done
to make this business
work!
“Underutilization”
Of talent and
production
capabilities!