Circular Flow Charts

Wednesday March 16, 2011                      
                      
Clear your desks (except for notebook and pen/cil)                In your notebook (as practice!!!), do the following:                  
1  You are to draw the CIRCULAR FLOW, including:
    Households, Firms, Labor Markets, Resource Markets
    Financial Sector, Government Sector, Foreign Sector          
                      
2  When you have finished, share your drawing with peers.
                  
3  Fix it as necessary.                  
                      
4  Then compare it with the "REAL" version (on back of your Ch.2 wksht)
    -only the video included the additional sectors so you may need some memory              
5  Pick up BLANK Piece of Paper, some colored pencils, and a protractor (SHARE!!!)
    Draw a NICE version
        -label things with proper nouns (stores, people, banks, nations, etc.)
    Turn it in (make sure your name is on it!!!)                  
                      
6  When you have finished, complete the "other' side of the Ch. 2 Wksht
    -KEEP IT!!!

I, Pencil

You received the readings for chapters 3 & 4 yesterday as we started work on Chapter 2 and learned about the Circular Flow.  You were to read the packet and answer the following questions:

1. What role does profit play in the U.S. Free Enterprise system? 
2. How does voluntary exchange between households and businesses create a circular flow of money, products, and resources?
3. Why do people prefer money exchange to barter exchange?
4. What function does money perform?
5. Why is entrepreneurship important to an economy's growth over time?

Today, you read about Adam Smith, Leonard Read's "I, Pencil" and got a taste of Milton Friedman.  Combined with Keynes and Paul Samuelson, you are getting the basics of econ infused into your system.

Tuesday March 15, 2011                               
Notebook Page   Title: I, Pencil &  (Smith & Friedman)               
Pick up Ch. 2 Reading (Stays in class)                       
Read P. 17 about Adam Smith                           
Copy the excerpt from Wealth of Nations into your notebook           
Summarize Adam Smith's theories (using your own words)               
Work with your peer(s) to come up with the resources/steps needed to make a pencil.                                       
Pick up I, Pencil Reading (Stays in class)                   
Read I, Pencil (as a class)
Discuss importance/relevance
    Price System, Free Market, human Creativity & Freedom