4. 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.

5. Lesson Seven: Daily Learning Target I Can define and explain in writing the following key Economic concepts:  Circular Flow Model

6. We will be using Cornell Note Taking Format Today! Mr. Kirby’s Class: “The world of overused quotes and clichés! Mr. Kirby’s Class: “The world of overused quotes and clichés! “ There Aint No Such Thing as a Free Lunch!” as a Free Lunch!” Take one step at a time to success in Economics!

7. GOVERNMENT

8. a. Goods and services[iFuzzy] b. Consumer expenditures c. Land, labor, cap., entrepreneur d. Rent, wages, interest, & profits 1 2 3 4 1 2 4 3 iFuzzy iWuzzy

9. 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

10. BUSINESSES HOUSEHOLDS RESOURCESINPUTS $ COSTS$ INCOMES PRODUCTMARKET GOODS & SERVICES GOODS & SERVICES $ CONSUMPTION $ REVENUE GOVERNMENT RESOURCE MARKET NET TAXES FLOW TO GOVERNMENT FROM BUSINESSES GOVERNMENT GOODS & SERVICES FLOW TO BUSINESSES Taxes G /S

11. 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.

12. 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

13. 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.

14. Two tigers Two seals Two Asian elephants Two monkeys To get you started here are some examples of what you might do! This would have taken care of 7 of the 25 acres. 18 more to go! Two camels R emember that 2 of each helps future zoo stock.

15. 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:

16. 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 ? ? ? ? ?

17. “Circular Flow” Poster Rubric EXCEEDING 5 PROFICIENT 4 PROGRESSING 3.5 EMERGING 3 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!” 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!. Good - final draft quality- all components present including pictures (3),. “JUST THE FACTS MAN! “Barely efficient” Much work to be done to make this business work! O.K.-A draft-all components present including pictures (3), information. “Bare minimum’ “Underutilization” Of talent and production capabilities!