Econ- 3.3 Formative Assessment Option 2

Identify what is exchanged in the Product Market in the Circular Flow Model of the US (there is always at least 2 things exchanged in each market).

Answer: _____

Drag the ROLES under the correct ACTOR in the Circular Flow Model of the US

Groups:

(a) Business Firms

,

(b) Households

,

(c) Government

,

(d) Banks

• The sellers of final goods and services

• Provides laons

• Collect taxes from both households and business firms

• The sellers of the factors of production

• Provides Public Goods and Services to both Households and Business Firms

• The buyers of final goods and services

• Takes in savings from both households and business firms

• The buyers of the factors of production

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which NUMBERS in the image above represent the proper flow of FACTORS OF PRODUCTION if Wal-mart hires 10 new employees at $13.00 an hour.

• #'s 8 & 5

• #'s 6 & 7

• #'s 1 & 3

• #'s 2 & 4

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which numbers in the image above represent the proper flow of FACTORS OF PRODUCTION if Wal-mart hires 10 new employees at $13.00 an hour.

• #'s 8 & 5

• #'s 6 & 7

• #'s 1 & 3

• #'s 2 & 4

Using the image of the Circular Flow Model givne, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs.

Which NUMBERS in the image above represent the proper flow of PUBLIC GOODS AND SERVICES when Chanhassen High School is in session?

• #'s 1 & 3

• #'s 13 & 15

• #'s 14 & 16

• #'s 7 & 6

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which NUMBERS in the image above 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 in your answer)?

• #'s 5, 6, 7, 8

• #'s 9, 10, 11, 12

• #'s 13, 14, 15 & 15

• #'s 1, 2, 3 & 4

For the scenario below, identify the correct Basic Economic Question that is being answered and identify where in the Circular Flow Model of the US that Basic Economic Question is answered.

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

• What Goods and Services will be produced?; Factor/Resource Market

• How will the Goods and Services be produced?; Factor/Resource Market

• Who consumes the Goods and Services?;

  Factor/Resource Market and the Product Market

• What Goods and Services will be produced?; Product Market

For the scenario below, identify the correct Basic Economic Question that is being answered and identify where in the Circular Flow Model of the US that Basic Economic Question is answered.

Scenario: 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.

•  Who consumes the Goods and Services?;    Factor/Resource Market and the Product Market

• Who consumes the Goods and Services?;

  Product Market

• What Goods and Services will be produced?

  Product Market

• How will the Goods and Services be produced?;

  Factor Market

For the scenario below, identify the correct Basic Economic Question that is being answered and identify where in the Circular Flow Model of the US that Basic Economic Question is answered.

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

• How will the Goods and Services be produced?;

  Product Market

• Who consumes the Goods and Services?; Resource/Factor Market

• What Goods and Services will be produced?;

  Product Market

• How will the Goods and Services be produced?;

  Resource/Factor Market