Introduction
Good day grade 10's welcome to my new WebQuest.
You all know that am the facilitator in this class so if there is something that you do not understand do not hesitate to ask at me.
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
I have posted this on Blackboard I hope you saw it. So please carefully look on the below diagrams and try to analyse the interaction of arrows between participants.
Process
For this part of the lesson I will need you to answer the following 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. (2)
- Government collects tax from the businesses in a form of company tax and from households through PAYE. (4)
- Circular flow model is continuous flow of spending, production and income between different sectors. (2)
- Circular flow model in an open economy is the best because it includes foreign sector. (2)
Conclusion
Our lesson has come to an end.
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 and safe!!!
Credits
You have done so well on your previous assignment, keep up the good work guys.
Teacher Page
For more information consult the following Economics textbooks grade 10-12:
- Mind the gap
- Clever Economics
- Enjoy
- Via Afrika