Circular Flow Interdependence and Trade Information visuals and

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Circular Flow, Interdependence, and Trade Information, visuals and activity for 19. 2

Circular Flow, Interdependence, and Trade Information, visuals and activity for 19. 2

Circular Flow of Economic Activity Factors Market Mang. Cap Land Labor Cap. Land Businesses

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

19. 2 Our Market Economy • What is a “market economy? ” o Buyers

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

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?

Interdependence • What is interdependence? • Could the US be independent from trade? Would

Interdependence • 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

“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. 2. 3. 4. 5. 6. Nike Nestle Bayer Tropicana Shell TV Guide 7. Firestone 8. Michelin 9. Fila Shoes 10. Baskin-Robins 11. Volvo 12. Bumblebee Tuna

Answers!! Check papers, but—BE HONEST!! 1. 2. 3. 4. 5. 6. US Switzerland Germany

Answers!! Check papers, but—BE HONEST!! 1. 2. 3. 4. 5. 6. US Switzerland Germany Canada The Netherlands Australia 7. Japan 8. France 9. Italy 10. Great Britain 11. Sweden 12. Thailand

• • rd 3 Bell: Find Your Group 1: Julia, Cody, Megan, Steven

• • rd 3 Bell: Find Your 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

th 4 • • Bell: Find Your Group 1: Ian, Tyler, Xavier, Buddy Group

th 4 • • Bell: Find Your 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

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,

Wrapping it Up • Answer the reflection questions as a group for p. 67.

Wrapping it Up • Answer the reflection questions as a group for p. 67. • Complete reflection. • Be prepared to discuss your answers! • Read chapter 19. 3. Complete organizer for p. 68.