Todays Warm Up Answer in your notes be

Today’s Warm Up �Answer in your notes & be ready to share: �How is my life affected by how well the economy is doing? �How do you know how well the economy is doing?

Today’s Warm Up (answer in your notes) �MICROeconomics vs. MACROeconomics: Based on these images, what do you think is the difference between these two terms?

Boss Man in Charge: TYLER!!! Welcome to the ECONOLAND FACTORY

Today’s LEQ: Why is our economy interdependent? Economic Interdependence & The Circular Flow Diagram

Participation in the Economy �People participate in the economy in a variety of ways Purchase g/s Provide human & natural resources to businesses Their savings allow businesses to borrow to make investments in capital goods People make decisions as citizens, especially as voters, that influence the economic decisions made collectively in the economy �GAME TIME: ECONOLAND SIMULATION

Circular Flow Diagram � What is this diagram? ! A simplified macroeconomic model of the basic economic relationships in a mixed market economy. Shows how households, businesses, and government interact

Are you picking up what I’m putting down? ! According to the diagram, in which markets do businesses give money-income payments to households in exchange for their productive resources? 2. In which markets do households give money payments to businesses in exchange for goods and services? 3. Which of these terms is the odd one out and why? Oil, Workers, Ipod, Machinery 1.

Are you picking up what I’m putting down? ! 1. 2. 3. 4. 5. Give an example of a productive resource that households sell to government. Give an example of a good or service that businesses sell government Give an example of a good or service that government provides to households in exchange for money payments, mainly taxes. Give an example of a good or service that government provides to businesses in exchange for money payments. Which of these terms is the odd one out and why? National Defense, Roads, National Parks, TV

Economic Interdependence �The U. S. economy is organized around a system of private markets �Prices for g/s are determined by the interaction of buyers and sellers �This form of economic activity creates a type of interdependence between people in households and people in businesses

Are you picking up what I’m putting down? ! �How do individuals and families in households depend on people in business? �How do businesses depend on individuals and families in households? �What is the role of government in the circular flow of economic activity?

News Headline Analysis Headline (listed for you) Conclusion (Tell me how each sector of the economy is impacted (positively or negatively) Support (Explain why/how you know for each sector) Minimum Wage Increased to $8. 10 Per Hour (Up from $7. 25 Households? Businesses? Government? Support for each conclusion…

Today’s Exit Ticket �Create a multiple choice test item for the state assessment that assesses the skills covered during our economics refresher today and yesterday. Create a problem with four answer choices, one that is correct and three that are incorrect. Make sure that the incorrect responses incorporate errors frequently made by students.