Transcript I want to thank you

American Private
Enterprise System
College of Agriculture, Food and Environment
Developing Business and Community Leaders for Tomorrow.
Our Economy- How It
Works, What It Provides
Section II
Developing Business and Community Leaders for Tomorrow.
Consumers Play an Important Role
in Economy
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While members of all three groups—consumers,
producers, and government—make decisions in
our economic system, the key role that really
makes everything work is played by you in your
role as a consumer.
Our Economy, How It Works and
What It Provides??
 Consumers - Today, almost two-thirds of our nation’s total economic
output consists of goods and services bought by individuals and
households for personal us
 Supply and Demand
 Supply: The amount of some product which is available to
customers
 Demand: Our willingness and ability to spend our money for
certain goods and services (price, quality, and availability of
goods and services)
 Credit and Savings
 Producers
How the Work Force Is Being
Transformed
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Men and women in the workforce do far more than
earn a livelihood.
Both consumers and producers of goods and services
are sources of both the supply and the demand that
drive the nations commerce
Nation Labor Force undergoing important changes
Wages and salary
Matching up jobs with qualified workers (Supply and
demand)
Labor surplus
Changing Workplace
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36% of the labor force hold manufacturing jobs
 65% Service occupants- largest share
 U.S. labor force growing rank of female workers
How Our Economy Fits Together
“Gigantic Machine”
 Supply, Demand, Prices
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Affect the wages we are paid
 Cost of producing it and the selling price
 Profit Margin- buyers are willing to pay more for a
product than it costs to produce it
Competition
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Key importance in the American economic system
 Competition between producers
 Competition causes our economy to change
constantly
Productivity
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People- their skills, efforts, and motivations
 Capital resources- the availability and efficiency of factories
and equipment
 Technology- the application of sciences to industrial needs,
involving new materials, new methods, and advanced
processes
 Organization- the effectiveness of management in
combining resources
 Government regulation- the imposition of standards and
restrictions
 Working environment- as it relates to both health and work
attitudes
Balancing the Economy
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Law of supply and demand
 Determine levels of production and employment in
our economy
 Production goes down unemployment rise
 Purchases increase, demand results in business
expansion and higher employment
 Employment Act of 1946
Pay Day!!!
Ready???!
Thank
you!
Want to thank you for
participating in the
American Private
Enterprise Program and
being a Future Leader in
your Community!!
We look forward to
seeing you at the
Kentucky Youth Seminar
this summer…..