1. American Private Enterprise System
College of Agriculture, Food and Environment

2. Our Economy- How It Works, What It Provides
Section II

3. Consumers Play an Important Role in Economy
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.

4. 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

5. How the Work Force Is Being Transformed
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

6. Changing Workplace 36% of the labor force hold manufacturing jobs
65% Service occupants- largest share
U.S. labor force growing rank of female workers

7. How Our Economy Fits Together
“Gigantic Machine”
Supply, Demand, Prices
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

8. Competition Key importance in the American economic system
Competition between producers
Competition causes our economy to change constantly

9. Productivity 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

10. Balancing the Economy 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

11. Pay Day!!!
Ready???!

12. 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…..