1. 25 February – IB Economics
Review
Introduce 2.1: The level of overall economic activity
Examine circular flow of income
If time: Apply the circular flow of income to GDP
How does the circular flow of income change in an open economy?

2. Syllabus Item 78
Describe, using a diagram, the circular flow of income between households and firms in a closed economy with no government.
Describe, using a diagram, the circular flow of income in an open economy with government and financial markets, referring to leakages/ withdrawals (savings, taxes and import expenditure) and injections (investment, government expenditure and export revenue).

3. Possible ways to show circular flow of income
“The circular flow of income is a neoclassical economic model depicting how money flows through the economy.” 
Source:

4. Source: http://www. dineshbakshi

5. Source: http://2. bp. blogspot

6. Source: http://thepeaktimes. files. wordpress

7. Business basics: Declan Curry explains what GDP is

8. Syllabus