Introduction
Welcome, Grade 12 learner!
You have now logged onto the Macro Economics WebQuest.
The purpose of this WebQuest is to revise and build on the concept of the Circular Flow model. The Circular Flow Model provides consumers and producers with a visual representation of how our economy works.
Find the attached video link below for a further explanation of the Circular Flow Model:
Task
You are required to work in pairs of two in which you will draw the diagram of an open economy. The diagram should display the relationship between the four participants and the two flows in the Circular Flow Model.
The diagram will be assessed based on how clearly and accurately you label the participants and explain the relationships between the various participants and flows.
Assessment Instructions:
- You are required to draw a diagram of an Open Economy.
- Include all key aspects of the diagram: participants, markets, and flows.
- Label the diagram correctly.
- Due Date: 25th of September 2022.
Lesson Objectives:
- Identify and understand each participant's role in the Circular Flow Model.
- Distinguish between the real and money flow.
- Interpret the relationship between the participants, markets, and flows in the Circular Flow Model.
- Draw the Circular Flow Model and label it correctly.
Process
Your diagram should display the following:
- Participants in an open economy.
- Markets in an open economy.
- Flows in an open economy,
- The relationship between the various flows and participants in the Circular Flow Model.
- The role of each component of the Circular Flow Model.
Use the following steps to complete your task:
Step One: Identify the 4 participants and explain their role in the economy; e.g. (Households buy goods and or services from the producer and in exchange the producer receives money.)
Step Two: Identify the markets: Money and Factor markets and explain their purpose in the economy.
Step Three: Explain the role of money and real flow in the economy, e.g. (Real Flow consists of all the goods transported to the business and thereafter to the consumer.)
Step Four: Explain the interlinked relationships within the Circular Flow Model.
Step Five: Check your diagram, make sure you have labeled every participant, market, and flow within the economy.
Video Links:
Evaluation
Rubric for the Circular Flow Model TOTAL MARKS:40
|
Criteria |
Outstanding 80-100% |
Substantial 60-79% |
Adequate 59-59% |
Elementary 30-49% |
Not achieved 0-29% |
|
Content knowledge |
20-25 |
15-19
|
13-14
|
8-12
|
0-7
|
|
Outstanding response to the topic. Content knowledge is excellent. Lucid and coherent. Extremely coherent. |
Outstanding response to the topic. Content knowledge is good. Good coherence. |
An adequate response to the topic. Content knowledge is adequate. Fairly coherent. |
Content knowledge is not always explicit. Sometimes off-topic. |
The content is not straightforward. Incoherent. |
|
|
Labeling of all the components in the circular flow model. |
8-10 |
6-7 |
5 |
3-4 |
0-2 |
|
Excellent labeling of all the components in the circular flow model. |
Excellent labeling of all the components in the circular flow model. |
Adequate labeling of all the components in the circular flow model. |
Elementary labeling of all the components in the circular flow model. |
Weak labeling of all the components in the circular flow model. |
|
|
Presentation of the Circular Flow Model |
5 |
4 |
3 |
2 |
1 |
|
Excellent presentation. Format- accurate. |
Good presentation. Format – correct. |
Adequate presentation. Format- some errors. |
Weak presentation. Format – faulty. |
Very poor presentation. Format – serious errors. |
Conclusion
The Circular Flow Model surrounds us daily and is therefore important.
Today we have looked at each component of the Circular Flow Model :
- The Four participants
- The Two markets
- The Two Flows
- The interlinked relationship within the Circular Flow Model.
I look forward to our next class, please make sure you make use of all the resources provided.
Ms. E Fransman.
Teacher Page
Ms. E Fransman
3rd-year B.E.D SPFET student at Cape Peninsula University of Techology
Student Number:220183805