1.6 circular flow
Presentation
•
Social Studies
•
8th - 12th Grade
•
Practice Problem
•
Easy
Julie Malcom
Used 8+ times
FREE Resource
17 Slides • 11 Questions
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6 circular flow
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Open Ended
What are the 2 SECTORS of the circular flow?
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Multiple Choice
It is best to study the circular flow with the HOUSEHOLD on the
left
right
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Open Ended
If you keep the household on the left, what MARKET goes at the bottom?
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The households and the business are not connected by a line, but by an ARROW. The direction of the arrow is important.
Notice the Factors of Production flow FROM the household TO the business.
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Open Ended
Remind me what is in the RESOURCES market? (the 4 factors of production)
-
-
-
-
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Notice how the INCOMES earned flow FROM the business TO the household
a household gives the business their labor and in return the business gives the household wages.
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Multiple Choice
And remind me again which income is correct?
Labor -- Wages
Land -- Rent
Capital -- Interest
Entrepreneurship -- Profit
Land - Rent
Labor -- Income
Capital --profit
Entrepreneurship--wages
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Easy- right?
Always keep households on the LEFT and
L.L.C.E.=W.R.I.P. on the BOTTOM.
You have at least 1/2 of it memorized!
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Open Ended
So if resources are the bottom market, what is the TOP market?
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Open Ended
In the product market (top) what flows FROM the business TO the household?
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Multiple Choice
In this product market (top) What do households (consumers) give to business in return for goods and services?
money!
gratitude
labor
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Open Ended
The final value of all goods and services produced in the United states is called _______
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Open Ended
In your own words, explain what happens in the RESOURCE market (bottom)
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Open Ended
In your own words, explain what happens in the PRODUCT market (top)
6 circular flow
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