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

7 Tips to Childproof Your Smartphone
Before you hand over your smartphone or tablet, follow these childproofing tips to help keep both your child and your device safe.

Find Today's Newest & Best Children's Books!
Looking for newly released books for your child? Try our new Book Finder tool to search for new books by age, type, and theme, and create reading lists for kids!

11 Survival Tips for Summer Boredom
When the kids are home all day, every day, summer boredom strikes hard and fast. Learn the best summer boredom busters for children of all ages.

Registered for Kindergarten — Now What?
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