GDP and the Players Three

Introduction

You may know the answer to the question, “How do you eat an elephant?”

“One bite at a time.”

That's the approach you need to take when you are trying to understand the U.S. economy, which is the largest in the world. In this section, we start by carving this elephant into some fairly large parts, or sectors, as economists call them.

As we learn about these sectors, keep in mind that each one is made up of human beings. It is actual people in households, businesses, and government who decide how much of which goods and services to produce, what to purchase, and how much to pay for them. When dealing with trillions of dollars and entities like “government” and “business,” it's easy to forget this fact. But when we lose sight of the people in the economy, we can also lose sight of the fact that we, and not some malevolent machine or faceless bureaucracy, are the economy. We have more control over our economic lives than we often realize.

book cover

Excerpted from The Complete Idiot's Guide to Economics © 2003 by Tom Gorman. All rights reserved including the right of reproduction in whole or in part in any form. Used by arrangement with Alpha Books, a member of Penguin Group (USA) Inc.

To order this book direct from the publisher, visit the Penguin USA website or call 1-800-253-6476. You can also purchase this book at Amazon.com and Barnes & Noble.

highlights

Special Books for the Kids You Love
Celebrate 20 years of sharing love to the moon and back with the anniversary edition of Guess How Much I Love You, one of the world’s best-loved picture books. Plus, search our Book Finder for more great book picks. Brought to you by Candlewick Press.

Vote Now for the Children's & Teen Choice Book Awards
Voting is open now through May 3 for the Children's and Teen Choice Book Awards — the only national book awards program where the winning author, illustrator, and books of the year are selected by young readers. Encourage your child to vote for his favorites today!

Top 10 Math & Science Apps for Your Whiz Kid
Looking for the best math and science apps for kids? Check out these cool apps for all ages, which will grow your child's love of the STEM subjects (science, technology, engineering, and math).

Registered for Kindergarten — Now What?
Wondering what to do now that you've signed your child up for kindergarten? Try our award-winning Kindergarten Readiness app! This easy-to-use checklist comes with games and activities to help your child build essential skills for kindergarten. Download the Kindergarten Readiness app today!

stay connected

Sign up for our free email newsletters and receive the latest advice and information on all things parenting.

Enter your email address to sign up or manage your account.

Facebook icon Facebook icon Follow Us on Pinterest

editor’s picks