PFLE.SS.1.D
Use the circular flow model to identify how households, firms, and governments interact in both resource markets and product markets.
Personal Financial Literacy and Economics · Texas Essential Knowledge and Skills (TEKS) · TEKS 2010
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
circular flow modelhouseholdsfirmsgovernmentsresource marketsproduct marketsinteraction
Skills
- use (the circular flow model) #dok2
- identify (how households, firms, and governments interact in resource and product markets) #dok1
- analyze (interactions within the circular flow model) #dok3
- differentiate (roles of households, firms, and governments in markets) #dok2
Learning Targets
- I can define the circular flow model and its components. #dok1
- I can identify how households, firms, and governments are represented in resource and product markets. #dok1
- I can use the circular flow model to describe economic interactions. #dok2
- I can differentiate between the roles of households, firms, and governments in different markets. #dok2
- I can analyze the interactions between households, firms, and governments within the circular flow model. #dok3
Big Ideas
- The circular flow model illustrates how households, firms, and governments interact in the exchange of resources, goods, and services.
- Resource and product markets connect economic agents and facilitate the flow of money, goods, and services within an economy.
Essential Questions
- How does the circular flow model represent the movement of money, goods, and services in an economy?
- In what ways do households, firms, and governments interact in both resource and product markets?
- What is the role of each economic agent (household, firm, government) in the marketplace?
- Why is it important to understand the interactions depicted in the circular flow model?
- How would changes in one part of the circular flow model affect the rest of the economy?