Econ-3.3 Formative Assessment- Option 1

Audio Response

1. Provide an audio response to the following prompt:

2. What is exchanged in the PRODUCT MARKET in the Circular Flow Model of the US

3. IMPORTANT:There is always at least 2 things exchanged in a market

Open Audio Recorder

Audio Response

1. Provide an audio response to the following prompt:

2. What is exchanged in the RESOURCE MARKET in the Circular Flow Model of the US

3. IMPORTANT:There is always at least 2 things exchanged in a market

Open Audio Recorder

Fill in the Blank

In which market are businesses the buyers for scarce resources?

Fill in the Blank

In which market are households/consuemrs the buyers for final goods/services?

Categorize

Options (8)

The sellers of factors of production/scarce resources

The buyers of final goods/services

The buyers of factors of production/scarce resources

The sellers of final goods and services

Collects taxes from both households and business firms

Provides public goods/services

Provides loans to both households and business firms

Takes in savings from both households and businessfirms

Categorize the the ROLES given under the correct ACTOR in the Circular Flow Model of the US

Households

Business Firms

Government

Banks

Multiple Select

Which of the following would be considered Public Goods/Services that the government provides using the tax revenue they collect from Business Firms and Households? - Click on each that apply.

• Firefighters

• Police

• Concert Tickets

• National Parks

Hotspot

1. Click on the numbers in the image given that represent the proper flow of FACTORS OF PRODUCTION if Wal-mart hires 10 new employees at $13.00 an hour.

Hotspot

1. Click on the numbers in the image given that represent the proper flow of PUBLIC GOODS AND SERVICES when Chanhassen High School is in session
   

Hotspot

1. Click on the numbers in the image given that represent the proper flow of FINAL GOODS & SERVICES AND MONEY when Mr. Schriever buys a new TV for his man cave (You should have 4 numbers for your answer).
   

Hotspot

1. Click on the number in the image given that represent the proper flow of Which number in the image above represents the proper flow of MONEY when my son puts 50% of his paycheck in his savings account.
   
   

Fill in the Blank

If there are 2 transactions occur within the Circular Flow Moday, which basic economic question is being answered?

Fill in the Blank

If there is 1 transaction occuring within the Circular Flow Moday, what would be the role of the consumers be in order for basic economic question of "What will be produced" to be answerd?

Drag and Drop

Identify the correct basic economic question that is being answered in the following scenairo AND where in the Circular Flow Model is this basic economic question being answered:

Mason pays $30 for a T-Shift from Kohl’s.

Which basic economic question is being answered: ​

Placeholder

Where is this basic economic question being answered in the Circular Flow Model: ​

Placeholder

Drag these tiles and drop them in the correct blank above

What goods and services will be produced?

How will the goods and services be produced?

Who Consumes the goods and services?

The Product Market

The Factor/Resource Market

Business Firms

Banks

Government

Households

Product Market & Factor/Resource Market

Drag and Drop

Identify the correct Basic Economic Question that is being answered in the following scenairo AND where in the Circular Flow Model it will be answered:

Microsoft buys a robotic arm that places microchip processors into their laptop computers.

Which basic economic question is being answered: ​

Placeholder

Where is this basic economic question answered on the Circular Flow Model: ​ ​

Placeholder

Drag these tiles and drop them in the correct blank above

Product Market and Resource Market

Who Consumes the goods and services?

How will the goods and services be produced

Resource/Factor Market

Product Market

Banks

Government

What goods and services will be produced?

Households

Business FIrms

Drag and Drop

Identify the correct Basic Economic Question that is being answered in the following scenairo AND where in the Circular Flow Model it will be answered:

Kelly sells the rights to the App she had developed to Raizlabs (a large app development company) for $25,000, which Kelly then used as a down payment for a house she bought.

Which basic economic question is being answered: ​

Placeholder

Where is this basic economic question answered on the Circular Flow Model: ​ ​

Placeholder

Drag these tiles and drop them in the correct blank above

How will the goods/services be produced?

What goods/services will be produced

Who consumes the goods/services

Resource/Factor Market & Product Market

Product Market

Banks

Government

Factor Market

Households

Business FIrms