Chapter 4 – The Public Sector The U.S. Economy: Private and Public Sectors.
4 Sectors of the U.S. Economy SS5E2- Describe the functions of the four major institutions in the...
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Transcript of 4 Sectors of the U.S. Economy SS5E2- Describe the functions of the four major institutions in the...
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4 Sectors of the U.S. Economy
SS5E2- Describe the functions of the four major institutions in the U.S. economy in each era of US
history
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HouseholdODefinition: Provide resources in the form of labor then turn around and use the $ received from the labor to consume goods and services (people)
OExample- my house, friends houses
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Private BusinessODefinition- business not controlled by the gov’t that provide the goods and services needed by people (can be big or small)
OExample- Wal- Mart, Zaxby’s
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BanksODefinition: provide checking accounts, saving accounts and loans to the people. Loans help people buy things they usually could not afford.
OExample: Bank of America, Suntrust,
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GovernmentODefinition: serve the people by national defense, education, transportation and control taxes (which pay for the things the government does to serve the people)
OExample: local, state, federal