|
|
 Ratings
|
|
|
| Reviewed: |
Sep 17, 2012 by Business Editorial Board |
| Overview: |
This flash video is a simple presentation of circular flow that is one of the basic economic models used today. The material is presented in a slide format using a diagram with narrative audio to explain how the circular process flows in both directions with increasing more complexity as the flow of money and products move from households to businesses. The circular flow diagram is valuable for the learner because it allows one to "visualize" the interrelationships between the aggregate markets. The market economy is an incredibly complex system and is very easy for learners to get lost in the details and to lose sight of the ‘big picture’. So the phrase: a picture is worth a thousand words is fitting for this type of delivery. The presentation is very short and should be used to supplement a curriculum module on circular flow that is part of a larger course on the introduction to economics. It is targeted toward students learning economics at the High School or Undergraduate level. |
| Learning Goals: |
To gain a basic understanding of:
• the mechanics of the circular flow model
• the flow of incomes to households from businesses, and the flow of resources to businesses from households.
• how resources flow from households to businesses, which change the resources into goods and services for consumption in the goods (product) markets.
• the rewards households gain for the resources they provide in the form of money and that the circular process flows in both directions. |
| Target Student Population: |
This is an economic concept taught at the high school and undergraduate level. |
| Prerequisite Knowledge or Skills: |
Knowledge of economic terminology is needed. |
| Type of Material: |
Presentation |
| Recommended Uses: |
The material could be used to build an entire course curriculum about circular flow model or it could be used as a supplemental resource for a smaller unit of study that is part of a larger introduction to economics course. Lesson activities can grow out of the context of the video. For example, students draw their own circular flow diagram to conceptualize the model with a follow-up class discussion facilitated by the teacher about defining how their lives fit into the system of market flows discussed in the video. Students can use the presentation to do further internet research into specific key concepts, both to expand on the information provided in the video, and to uncover more about how microeconomics affects lives. Students can be split into smaller groups to work on different scenarios and finding answers to questions that would eventually be presented to the whole class. An scenario example might be for students to think about large hardware stores such as Home Depot that boast of carrying as many as 20,000 different products in each store. Questions might be what motivated the producers of those individual products to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? Who decides whether the particular hardware products should continue to be produced and offered for sale? |
| Technical Requirements: |
Firefox 15.0.1, Flash (This is an .swf file) |
|
|
|
| Strengths: |
• The model is accurately depicted.
• Useful to help students revisit the concept without instructor interaction.
• Resource appeals to all learning styles.
• The content quality is logical, well-framed, and presented by a economics instructor and professional.
• The diagram is a very useful tool for illustrating how money flows through the economy, and is an excellent starting point for economics taught at the high school and college level. |
| Concerns: |
• Inconsistent audio delivery.
• Occasionally difficult to understand the speaker.
• Some information is only spoken and not represented.
• Terminology used may not be known at times.
• The circular flow model can be abstract and relies on a sophisticated vocabulary that for some students can be difficult to understand. For this reason the narrative audio should be much slower so that students can more easily grasp the terminology. |
|
|
Potential Effectiveness as a Teaching Tool |
Rating:     |
|
| Strengths: |
• Presentation provides an excellent depiction of the primary relationships used in the model
• Resource demonstrates the union between the major components of the model in an easy and incrementally helpful manner.
• By presenting the concept visually with narrative it has the potential of capturing student interest and maintaining interest in the subject long after the lesson/course is completed. |
| Concerns: |
• Some of the concepts will require a more in-depth explanation.
• Each slide in the presentation could be enhanced with more background color and variation. |
|
|
Ease of Use for Both Students and Faculty |
Rating:   |
|
| Strengths: |
• Visually appealing as a presentation
• The presentation makes for a very effective supplemental teaching tools as it is portable, adaptable, and instructor friendly.
• The "click and point" feature in the presentation allows students to proceed at their own pace through the slides. |
| Concerns: |
• Presentations has buttons that do not operate as expected
o PLAY button
- takes 19 seconds to begin
- makes the user think it doesn’t work
- stops after just one slide
o FAST FORWARD button
- acts like the “play” button or a “next" button
• Could use a context to begin such as a list of vocabulary with descriptions.
• Allows for rewind but must listen to it all again and sometimes this is needed to understand the speaker or fully understand what was meant.
• The sound on the first slide is startling; this seems unnecessary.
• Slowing down the narration to be deliberate with every point would be a positive improvement. If students are lost with this model, they may be gone for the rest of the economic course. |
|
|
| Other Issues and Comments: |
Audio is somewhat inconsistent throughout but the information is well presented visually. |
|
