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The Economy: The Basics

The Economy: The Basics. Do you have a job? Do you spend money? Do you own any natural resources? Do you own any stocks or other investments? Do you have a bank account?. Are YOU a part of the economy?. Resources Natural resources Capital

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The Economy: The Basics

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  1. The Economy:The Basics

  2. Do you have a job? Do you spend money? Do you own any natural resources? Do you own any stocks or other investments? Do you have a bank account? Are YOU a part of the economy?

  3. Resources Natural resources Capital Investment money. Not only includes “Wall Street” (Stock Market) but also your money. Labor Workers “Agents” The entities that create production, exchange, and consumption of goods & services Key ingredients:

  4. The 4 Main Sectors of the Economy Raw Materials Manufacturing Services Research & Development NOTE: All of these need capital to get started and/or expand

  5. There are two other sectors which are “owners” of the other four: Private Sector Public Sector Privately run businesses & investment firms Government run & taxpayer funded If you have a job, where do you fit? Where does Mr. Hartford fit? Your parents?

  6. It is based on capitalism In a capitalist system, the means of production & distribution are privately owned Most people consider the U.S. capitalist However, due to its large public sector, we are technically a mixed economy (some socialist aspects) U.S. Economy

  7. Let’s go back to the beginning…: • Resources • Capital • Labor • “Agents” What happens if any of these key economic factors falter?

  8. How about the 4 main sectors of the economy? What if any of these falter? Raw Materials Manufacturing Services Research & Development Capital Investors What if?… What if?… What if?…

  9. Based on what you learned today, how would you suggest we improve the United States economy? • Do you think the politicians have made the right decisions? • What recommendations would you have for our leaders to improve our economy?

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