Alex Dalenberg - The United States Economy

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Readers Guide

1. How do people in businesses and households

interact with each other?

2. What is the difference between goods and

services ? Give some examples of each.

3. What is an entrepreneur ? Why are they

important to the economy?

4. Why are government regulations important?

5. Explain how trade makes the economy grow.

6. Think back over everything you did yesterday.

Mark each time you interacted with the economy

of the country.

Alex Dalenberg

Consultant

Jennifer M. Lopez, NBCT, M.S.Ed.

Teacher SpecialistHistory/Social Studies

Office of Curriculum & Instruction

Norfolk Public Schools

Publishing Credits

Rachelle Cracchiolo, M.S.Ed., Publisher

Conni Medina, M.A.Ed., Editor in Chief

Emily R. Smith, M.A.Ed., Content Director

Vronique Bos, Creative Director

Robin Erickson, Art Director

Michelle Jovin, M.A., Associate Editor

Mindy Duits , Senior Graphic Designer

Image Credits: p.10 Steve Jurvetson/Flickr; p.11 (top) Yale University

Library, Beinecke Rare Book and Manuscript Library; p.11 (bottom)

National Museum of American History; p.12 (middle) Library of Congress

[LC-USZ62-23640]; p.15 (left) Library of Congress [LC-DIG-hec-26519]; p.15

(right) Library of Congress [LC-DIG-hec-26518]; p.18 Library of Congress

[LC-DIG-hec-29174]; pp.1819 Pixabay; p.19 (bottom) Library of Congress

[LC-DIG-ppmsca-49977]; p.20 Everett Historical/Shutterstock; p.21 Library

of Congress [LC-DIG-fsa-8d28228]; p.25 (middle) Library of Congress

Geography and Map Division [G4872.P3 1881 .W8]; p.25 (bottom right)

Library of Congress [LC-USZ62-48614]; p.28 Los Angeles County Department

of Public Health; all other images from iStock and/or Shutterstock.

5301 Oceanus Drive

Huntington Beach, CA 92649-1030

www.tcmpub.com

2020 Teacher Created Materials, Inc.

ISBN 978-1-0876-5529-1

Table of Contents

Our Economy .............................

Households and Businesses ................. 6

Banks and the Government ................

e Flow of Resources .....................

Making Tough Decisions ..................

Regulate It! ..............................

Glossary .................................

Index ....................................

Your Turn! ...............................

Our Economy

The United States has one of the largest economies in

the world. It is made up of four major sectors . These are

households, businesses, banks, and the government. You are

part of the economy. You live in a household. You buy things

from businesses. If you have a bank account, you are part of

the banking sector. Lastly, the government provides goods and

services for you, such as public schools andsidewalks.

All four sectors work together. Households provide the

economy with resources. One of these resources is the money that

people who live in households earn. When people want to buy

something, they turn to businessesanother part of the economy.

People in households and businesses store their money in banks.

In return, bankers use this money to invest in the

economy. Finally, people in the government provide

goods and services. The government pays for

these things by collecting money. All four sectors

depend on each other to thrive. Together, they

make up the United Stateseconomy.

World Economies

The size of a countrys economy is the total of

all the goods and services it produces. China

has the biggest economy in the world. The

United States is second, and India is third.

What Is an Economy?

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An economy is where things are made, sold, traded, and

used. There are many types of economies. States have

economies. Countries also have economies. There is even

a world economy. This is a sum of all countries economies.

Households and Businesses

Households are made up of all the people living together

under one roof. This is often a family, but it doesnt have to

be. All households have resources. These include land, labor,

capital, and entrepreneurship . Some people make money by

renting their land for others to use. They can also sell things

that come from the land. For example, imagine a baker who

makes peach pies. The baker can plant peach trees and use

the fruit to make pies and earn money.

Households are also made up of people who can work. The

work people do is called labor . People earn money for their

labor. They can use that money to buy things that will help

them make more money. These things are called capital . For

example, imagine the baker needs a new oven and a few new

pie pans to keep up with the demand their peach pies have

caused. The pans and the oven are now part of the bakers

capital, since the baker can use those goods to makemoney.

Goods vs. Services

Goods are physical products. It takes labor to turn

natural resources into goods that can be sold. Think

about that peach pie. Someone needs to pick the

peaches so they can be turned into pies. Then,

someone needs to bake the pies. Services are

work performed for others. The baker provides

the service of making pies. A dentist provides the

service of filling cavities from eating too many pies.

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