Introduction
Good day grade 10's welcome to my WebQuest.
Todays lesson will help you to:
- identify the primary participants
- know how the government generate income
- differentiate between imports and exports
- know how the participants interact with each other
Task
look and the diagram,video below and reference in your textbook to analyse the participants of circular flow
Process
after analysing you should be able to answer these questions.
- Who are the owners of factors of production?
- How does the government generate tax revenue?
- What is the circular flow model in general?
- Which is the best circular flow? support your answer
Evaluation
Here are the correct answers
- Households are the owners of factors of production.
- Government collects tax from the businesses in a form of company tax and from households through PAYE.
- Circular flow model is continuous flow of spending, production and income between different sectors.
- Circular flow model in an open economy is the best because it includes foreign sector.
Conclusion
Please read and understand the concepts and the roles of the participants in an economy, you will be examined soon on those aspects in your next test.
Keep well
Credits
For more information consult the following Economics textbooks grade 10-12:
- Mind the gap
- Via Africa