Activator  List as many goods and services that you have used in the last day. Then classify each good as one that lasts less than three years or more.

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Presentation transcript:

Activator  List as many goods and services that you have used in the last day. Then classify each good as one that lasts less than three years or more than three years.

Economic Products GoodsServices Consumer Goods Capital Goods Hair cuts IpadsBakery ovenHome repairs paperComputer in school Musicians CarsConveyor belts for factory Doctors HamburgersTractorsLawyers

Circular Flow Essential Question: How do the parts of the economy work together?

Circular Flow What do individuals and households demand from businesses? What do they give them in return? What do businesses demand from individuals and households? What do they give them in return?

15 Trillion Dollar Pyramid Economics Scarcity Capital Land Product Market Services Wealth Factors Market Entrepreneurs