U. S. Economy

Describe the functions of four major sectors in the U. S. economy.

• Private Business

• Government

• Consumers

• Producers

Describe the private business function in producing goods and services.

• Manufacturing

• Retail

• Services

• Agriculture

Describe the government function in taxation and providing certain public goods and public services.

• Tax Collection

• Public Infrastructure

• Social Welfare

• Education

Describe how consumers and producers interact in the U. S. economy.

• Buying and Selling

• Supply and Demand

• Market Transactions

• Competition

Describe how people earn income by selling their labor to businesses.

• Wages

• Salaries

• Benefits

• Commissions