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 (Due End of Next Week)

Unit one Summative Assessment next Week  Review Day Today  Summative Assessment (100 pts. 80% category) Next Tuesday  You can use a 3” x 5” notecard only  No notes/note card can be used on re-takes

A man was found murdered on Sunday morning. His wife immediately called the police. The police questioned the wife and staff and got these alibis: The Wife said she was sleeping. The Cook was cooking breakfast. The Gardener was picking vegetables. The Maid was getting the mail. The Butler was cleaning the closet. The police instantly arrested the murderer. Who did it and how did they know? It was the Maid. She said she was getting the mail. There is no mail on Sunday! (Next day air and doesn't count) Crime Riddle

A man walks into his bathroom and shoots himself right between the eyes using a real gun with real bullets. He walks out alive, with no blood anywhere. And no, he didn't miss and he wasn't Superman or any other caped crusader. How did he do this? He shot his reflection in the bathroom mirror. Crime Riddle

A cop was walking past a restaurant when he heard someone scream - "No John, not the gun!" He ran inside and saw a doctor, a lawyer, a milkman, and a dead body on the floor. He promptly walked over to the milkman and arrested him. He didn't witness the shooting and there was no apparent evidence to prove who shot the person and no one told him who the killer was. How did the policeman instantly know it was the milkman? The milkman was the only male. The doctor and lawyer were females, so the cop knew that John was the milkman. Crime Riddle

A woman with no driver's license goes the wrong way on a one-way street and turns left at a corner with a no left turn sign. A policeman sees her but does nothing. Why? The woman is a pedestrian or bicyclist. Crime Riddle

Complete one handout per group. I will assign you a problem and I want you to share out the solution your group came up with with the class.

Economic Reasoning Principles Used to solve any “Economic Mystery” Group Members: ___________________________________ Date: _____________ EXIT TICKET 1-7 1)People choose 2)People’s choices involve costs 3)People respond to incentives in predictable ways 4)People create economic systems that influence individual choices and incentives 5)People gain when they trade voluntarily, and 6)People’s choices have consequences that lie in the future.

Now that we’re warmed up, let’s Try an “Economics Riddle or Mystery”: (Use the back of the ERP handout)  Write the question on the back and the answer  Please use Economic Reasoning Principles (ERPs) to prove your point. Why are Disney Theme Parks Cleaner and Better maintained than U.S. National Parks? We will share out!

GOVERNMENT Mixed Market Economy

A Developing Nation’s Economy

a. Goods and services (Teddy Bear) b. Consumer expenditures c. Land, labor, cap., entrepreneur d. Rent, wages, interest, & profits iFuzzy iWuzzy

The “Gangsta Car ” The “Gangsta Car ” Businesse s Product Market Resource Market Which flow represents? A. Consumer expenditures? B. Goods and services? C. Land, labor, capital, and entrepreneurial ability? entrepreneurial ability? D. Rent, wages, interest, and profits? and profits? Households 3 4 Labor for “Gangsta Cars” Chrysler 300 “Gangsta Car 2 Chrysler Plant 1

BUSINESSES HOUSEHOLDS INPUTS $ COSTS$ INCOMES GOODS & SERVICES GOODS & SERVICES $ CONSUMPTION $ REVENUE GOVERNMENT NET TAXES FLOW TO GOVERNMENT FROM BUSINESSES GOVERNMENT GOODS & SERVICES FLOW TO BUSINESSES Taxes spending

“ Circular Flow Model of a Market Economy” Poster- Individual/Partner Problem Solving activity  Create a circular flow model poster using page 40 in the Econ Book(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 Model of a Market Economy” Poster (30 pts.) and three Paragraph essay explanation of flow model/poster (20 pts.): Total Points: 50-Summative 80% Due:  Day # 1: Friday March 6 th  Day # 2: Monday March 9th Late: Automatic one grade deduction ? ? ? ? ?