Please watch the following video as an introduction to the lesson activities.
(Video with closed captions available below for those who wish to access this option)
Learning Intention
The learning sequence you are about to embark on targets curriculum descriptor ACHEK017.
You will be learning about: what consumers and producers are and how they are dependent on each other through the Circular Flow of Income model; how consumers rely on businesses to meet their needs and wants; how businesses respond to the demands of consumers; and, why businesses might set a certain price for a product and how they might adjust the price accordingly (SCSA, 2014).
Success Criteria
I will know I have met the learning intentions associated with this lesson sequence when I can:
- Define what consumers and producers are and explain the difference between them
- Identify examples of producers and consumers and explain how I can be both a producer and a consumer
- Explain how producers and consumers need each other
- Define the term interdependence
- Explain the link between consumers and producers
- Draw a fully labelled model of the 2-sector circular flow of income model
- Explain what consumer demand is
- Identify current trends in consumer demand
- Identify and explain how businesses respond to changing consumer demand with the use of examples.
This video has been made available to provide the option of closed captions for those who wish to make use of assistive technology. If you are unable to see the closed captions this may be because of the browser you are using. If this is the case for you, please open the video to full screen mode by clicking the arrow in the top right hand corner of the video. This should allow you to view the video with closed captions.
