Circular Flow, Interdependence, and Trade Information, visuals and activity for 19.2.

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Presentation transcript:

Circular Flow, Interdependence, and Trade Information, visuals and activity for 19.2

Circular Flow of Economic Activity Businesses Households Cap. Land Cap Mang. Labor Land Good Serv Good Serv Good Serv Factors Market Product Market Governments

19.2 Our Market Economy What is a “market economy?” o Buyers and sellers answer the 3 basic economic questions. o Goods and services are exchanged voluntarily for fees. o Government involvement is very limited. What makes a market economy successful? o FREEDOM o Choice

Productivity What does it mean to be productive? What 3 characteristics make a business productive? How does specialization improve productivity? How does division of labor improve productivity?

InterdependenceInterdependence What is interdependence ? Could the US be independent from trade? Would we? Explain. Do “Where in the World?” Activity

“Where in the World?” You and a partner have 5 minutes to decide in what country the following corporations are headquartered: There are no repeats! 1.Nike7. Firestone 2.Nestle8. Michelin 3.Bayer9. Fila Shoes 4.Tropicana10. Baskin-Robins 5.Shell11. Volvo 6.TV Guide12. Bumblebee Tuna

Answers!! Check papers, but—BE HONEST!! 1.US7. Japan 2.Switzerland8. France 3.Germany9. Italy 4.Canada10. Great Britain 5.The Netherlands11. Sweden 6.Australia12. Thailand

3 rd Bell: Find Your Group Group 1: Julia, Cody, Megan, Steven Group 2: Josh, Jesse, Haley Group 3: Kevin, Ivey, Malik Group 4: Mauri, Noah, Gerrie, Brianna Group 5: Alivia, Drew, Chris R., Lorenza Group 6: Sarah C., David, Chris N., Group 7: Jerome, Caleb, Sara M., Darrell

4 th Bell: Find Your Group Group 1: Ian, Tyler, Xavier, Buddy Group 2: Amanda, Noah, Tucker Group 3: Mason, John, Jesse Group 4:Jazmyn, Coleton, Cris Group 5: Eric, Gabe, Trent Group 6: AJ, Jack, Lauren Group 7: Felicity, Lillian, Josh

Interdependence Activity You will be assigned to a group. Pull out task sheet and read as a group. Choose ONE trade representative. Only this person may leave the group. Assign other tasks to complete. Raise you hands when all tasks are successfully completed and you are ready to be scored. If you have questions, please raise your hand. Remember the discussions of efficiency, quality, division of labor, and specialization.

Wrapping it Up Answer the reflection questions as a group for p. 67. Complete reflection. Be prepared to discuss your answers! Read chapter Complete organizer for p. 68.