Introduction
Welcome to the Economics lesson WebQuest by Ms. Adam.
In this lesson we will be looking at the circular flow of income in the closed economy, what a circular flow is, what it demonstrates, the participants involved in the circular flow, and its importance. In the circular flow diagram the easiest way of remembering this - circular flow is called "the five-sector model" mainly because it focuses on the five sectors that make up the economy.
Economics provides a framework for understanding the actions and decisions of individuals, businesses, and governments. It provides a means to understand interactions in a market-driven society and for analyzing government policies that affect the families, jobs, and lives of citizens
Please watch the following video where I explain what the lesson will be about, and what is required from you.
Task
Watch the below videos and make side notes in order to answer the questions that follow.
Economics.
Questions.
1.1 Choose the correct answer from the options
1.1.1 The three participants in a closed economy are (2)
a. The government, foreign sector, business.
b. The government, foreign sector, and households.
c. The government, business, household.
1.1.2 A closed economy excludes (2)
a. Households
b. business
c. foreign sector
1.1.3 A strike affects the income of (2)
a. Households
b. Business
c. Both households and businesses
1. 1.4 The methods used to calculate the national accounts are (2)
a. income, production, expenditure
b. incomes, services, production
c. imports, exports, services
1.2 Name any two leakages in the economy? (2)
1.3 Discuss the interactions between the government and the households in the circular flow? (2x2)=4
1.4 Explain in detail, the relationship between the real flow and money flow? (2x2)=4
1.5 What do you understand by the term injection? (2)
[ Total : 20 marks]
Process
Introduction to Activity.
1. Make sure you have watched all three videos at the top of the task before completing the activity.
2. While watching the videos, make side notes for yourself to assist in answering the questions.
3. All questions need to be typed onto a word document and emailed to me at the following email - 219226563.adamzenande@gmail.com
4. Take note of the mark allocation when answering the questions.
5. Answer all questions.
6. Good luck.
Evaluation
Economics
Memorandum
1.1 Choose the correct answer from the options
1.1,1 C (2)
1.1.2 C (2)
1.1.3 C (2)
1.1.4 A (2)
1.2 - Imports (2)
- Taxation
1.3 The government provides public goods and services to households.
Households are the owners of the factors of production therefore they sell the factors of production to the government. (4)
1.4 Real flow: Factors of production flow from the owners (households) to producers via the factor markets. Goods and services flow from the producers via the goods markets to households and other users of goods and services. (2)
Money flow: Factor remuneration represents the expenditure of producers and the income of households( wages, rent, interest, and profit. On the other hand, consumption expenditure represents the expenditure of households and the income of producers. (2)
1.5 Injection is the amount that gets into the circular flow/economy. (2)
Conclusion
In the next lesson, we will look more into the circular flow of income, how its participants are involved in the economy, and the relationship they have with one another. We will go deeper into their functions with the production factors, their profits, and how the government intervenes in assisting the participants in being able to afford their needs.
Watch the videos below in preparation for our next class. Please take notes so you can understand the work better.
Please don't forget to send me the emails.
See you next week.
Credits
On Introduction.
This is done by M.s Adam
Z.Adam.,2022.https://youtu.be/b4xrfoZ84Zc.[09 September 2022]
Below Task.
Available at: https://youtu.be/mN5HPJYJzus . [Online][Accessed 30 August 2022].
Available at: https://youtu.be/Hfz1bwK5C4o [Online] [30 August 2022]
Questions created by Ms. Adam.
Below Evaluation.
For answers, the book assisted.
J. Bantjies., M. Burger., M. Engelbrecht., D.Ross.,2013. Focus Economics Grade 12.Maskew Miller Longman (Pty)Ltd.pg 2-5.
Below Conclusion.
Available at: https://youtu.be/RSyvcANRaOE [Online] [30 August 2022].
Available at: https://youtu.be/-FpSY3L_OUw [Online] [30 August 2022]
Teacher Page
Teacher Name & Surname: Ms. Zenande Adam
Student number: 219226563
Email: 219226563.adamzenande@gmail.com
