TASK #3 The Factors of Production, the Circular Flow Model, and the Lorax
Welcome to Task #3 where you will analyze the factors of production, interpret the circular flow model of economics, and then apply what you have just learned to where it appears in The Lorax.
What are the factors of Production
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This chart illustrates the interactions between households and businesses in the factory market (think factories) and the product market (think Target).
Factor Markets- are where the factors of production are bought and sold
Product Markets- where consumer goods are available to buy 
*Consumers exchange their money in the product market and come home with the goods they purchased.
*Households supply the labor to the businesses in the factor markets as they manufacture goods in exchange for wages.
*Households supply the labor to the businesses in the factor markets as they manufacture goods in exchange for wages.
Check for understanding. Take the quiz to test your knowledge.
Quizizz Code: 222735
Now let's apply what you know about the factors of production and the circular flow chart in applying what you know to the video The Lorax
Directions:
Watch the Lorax (25 minutes) and answer the guiding questions in the viewing guide to apply what you know about the Factors of Production and the Circular flow model to the Lorax.
Here is a link to the video just in case the video doesn't load
https://www.youtube.com/watch?v=8V06ZOQuo0k
Answer the guiding questions about the Lorax (you will find them in Task #3 of your notes organizer).
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