What Economy Is

What Economy Is (hereinafter, the Lectio) is the first lesson part of the Industries and Specialties lesson that introduces its participants to industries, professional specialties, and related topics.

WorldOpp Pipeline

This lesson belongs to the Introduction to Employment session of EmployableU Concepts.

Content

The predecessor lectio is Labor Relations.

Script

Employment depends on economy, which is a system of human production and consumption of raw materials, goods, services, and/or other market exchangeables. These systems may range from an economy of a single household to the economy of the whole world.

The same term, economy, may also refer to the way of how wealth is generally created and used or, particularly, to the careful use and management of money, time, energy, and so on.

Based on various types of ownership, any economy may be clearly divided in three sectors.

The public sector represents those enterprises that the government owns. In the United States, the public sector includes the United States Federal Government, state governments, municipal governments, and foreign governments. To run their operations, the governments impose and collect domestic taxes, as well as conduct state-owned businesses.

The private sector represents those enterprises that the citizens own. Their size varies greatly from a single-person sole proprietorship to multinational corporations. These enterprises in business largely because of sales to the customers.

The nonprofit sector represents those enterprises that no one owns. Groups of people and/or organizations create these enterprises usually to address some causes. The nonprofit sector includes religious organizations, labor unions, trade associations, foundations, and so on. To run their operations, the nonprofit organizations may collect membership fees, donations, or conduct business.

Key terms

Economy, public sector, private sector, nonprofit sector

Closing

Among the public, private, and nonprofit sectors of the economy, do you target any particular one for your future work? --Yes/No/Let's move on for now

Economy Segments is the successor lectio.