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Graphic Organizer

Big Ideas Card

|Big Ideas of Lesson 3, Unit 4 |

| |

|Interactions in a market economy can be described with a circular flow model. |

|Circular flow describes the pattern in which goods and services and resources flow in the marketplace. |

|Circular flow includes a market for resources and a market for goods and services. |

|Individuals sell their labor, human resources, to businesses in exchange for money, or income. This is done in the resource market. |

|Individuals use their income to buy goods and services from businesses. This creates the market for goods and services. |

Word Cards

Word Cards from previous lessons needed for this lesson:

• Market Economy – Word Card #1 from Lesson 2

• Producer – Word Card #11 from Lesson 2

• Consumer – Word Card #12 from Lesson 2

|18 |19 |

|exchange |human resources |

| | |

| |workers and their skills |

|trading goods and services with others for other goods and services or for | |

|money | |

| | |

|Example: Voluntary exchange is an important part of a market economy. |Example: Truck drivers, doctors, and teachers are human resources. |

| | |

|(SS040403) |(SS040403) |

| | |

| | |

| | |

|20 |21 |

|income |circular flow |

| | |

| |the pattern in which |

|money people |goods and services |

|earn by working |and resources flow |

| |in the marketplace |

| | |

|Example: By providing human resources people earn income. |Example: Money travels from people to businesses and back to people again. |

|(SS040403) | |

| |(SS040403) |

| | |

| | |

| | |

| | |

| | |

“The Go-Around Dollar” Chart

|Person |What happened to the dollar? |

|Matt and Eric | |

|Matt | |

|Eric | |

|Jennifer | |

|Jennifer | |

|Rob | |

|Kathy | |

“The Go-Around Dollar” Chart – with Sample Answers

|Person |What happened to the dollar? |

|Matt and Eric |Found the dollar |

|Matt |Uses the dollar to buy shoelaces from Eric |

|Eric |Uses the dollar to buy gum |

|Jennifer |Gets the dollar as part of her change |

|Jennifer |Uses the dollar to buy a hat from Rob at the flea market |

|Rob |Pays his sister, Kathy, the dollar to walk the dog |

|Kathy |Uses the dollar to buy an ice cream cone |

Simulation Directions

Roles ( 8 students needed) : Sam, Gas Station Owner, Marion, Book Store Owner, Herby, Pet Store Owner, Amy, and a Video Rental Manager

Props: a book, a DVD and a dog toy

1. Set up the four businesses and the 8 students as shown in the Diagram on the next page.

2. Seat the rest of the class where they can clearly see what happens. Note that you may find it easiest to set up the simulation in a gym or other larger space.

3. Attach a string to each of the business signs (Pet Store, etc) located on pages 8 and 9 below so students can wear the sign around their neck.

4. Give the Money Sign to the Gas Station Owner, the book to the Book Store Owner, the dog toy to the Pet Store Owner, and The DVD to the Video Rental Manager.

5. Follow the script below.

|Words |Action |

|Our story begins with the gas station owner paying Sam for cleaning the garage. |MONEY SIGN goes to Sam |

|Sam goes to the book store and buys a new book. Then, returns to the gas station. |MONEY SIGN goes to Book Store Owner and BOOK goes to Sam |

|The Book Store Owner pays Marion, an employee, the money for helping arrange the book shelves. |MONEY SIGN goes to Marion |

|Marion goes to the Pet Store and buys a toy for her dog. Then, she returns to the Book Store. |MONEY SIGN goes to Pet Store Owner and DOG TOY goes to Marion.|

|The Pet Store Owner pays Herby for cleaning the fish tanks. |MONEY SIGN goes to Herby. |

|Herby goes to the Video Rental and rents a DVD and then returns to the Pet Store. |MONEY SIGN goes to the Video Rental Manager and DVD goes to |

| |Herby |

|The Video Rental Manager pays Amy, an employee, for cleaning the storage area. |MONEY SIGN goes to Amy. |

|Amy stops at the gas station and fills up her car. |MONEY SIGN goes to Gas Station Owner and Amy pretends to put |

| |gas in her car. |

Set-up Diagram for Simulation

Simulation Signs

| |

|μ μ |

| |

|GAS[pic] |

|STATION |

| |

|μ μ |

|BOOK [pic] |

|STORE |

| |

|μ μ |

|PET[pic] |

|STORE |

| |

|μ μ |

|VIDEO[pic] |

|RENTAL |

|MONEY |

|[pic] |

Circular Flow Diagram

Completed Circular Flow Diagram

-----------------------

Gas Station

Owner

[pic]

Market

for

Resources

Market for

Goods and Services

Businesses

Individuals and Households

GAS

STATION

Market

for

Resources

Market for

Goods and Services

BOOK

STORE

Marion

Book

Store

Owner

!"36789=íÞϷϨ™Šynjn\RE7h÷déB*[pic]\?mH phsH h½§h÷déOJ[?]QJ[?]^J[?]h÷déOJ[?]QJ[?]^J[?]h-*Mh÷dé5?OJ[?]QJ[?]^J[?]h÷déh÷dé5?OJ[?]QJ[?]^J[?] hw*hw*

Herby

Pet

Store

Owner

PET STORE

Amy

Video

Rental

Manager

Businesses

Individuals and Households

Video

Rental

Sam

................
................

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