By the end of this lesson student will know how they fit into the circular flow of income.
Students will be able to explain the difference between a resource market and a product market.
They will be able to create and explain a circular flow model, highlighting the role of government, business, and consumers.
This lesson will introduce students to the circular flow model through video clips and interactive activities.
-Understand the circular flow of income and output.
-Create your own circular flow model. **Be able to explain to a classmate.**
Types of markets and a description of how the circular flow of income and output works.
Source: Glencoe Economics Today and Tomorrow, by Roger LeRoy Miller Ph.D.
Basics of Circular Flow Model in market economy.
Source: Jason Welker, YouTube video.