The Participants
Introduction
Who participates in the economic system of production and exchange?
Individuals as workers, employees, managers, owners.
Corporations from small firms to large multinational conglomerates.
States and local governments
Institutions like Universities, research labs, lobbies, consumer organizations, unions, military entities, etc.
Markets evolve as a relation between supply and demand; they match consumers and producers of goods and services. This section looks at the participants in the economic "game":
Households consume goods and provide labor,
Businesses hire these workers and employees and produce for the consumers.
This creates a circular economic flow, similar to blood flowing through a human body.
I also included a page on non-participants. If we examine global numbers, we find that a staggering number of people has not enough, or barely enough income, in order to participate in the economic flow.
Size of Economies
The US had a total GDP of $16.66 trillion in 2012. The GDP per capita ratio is $51,704 (2012). The current GDP growth per year is estimated at 4%, with an inflation rate of 1.5% , as measured between August 2012 and August 2013. The total labor force is in 2013 at 155.6 million, with 11.26 million people unemployed.
GDP by sector:
agriculture: 1.2%,
industry: 19%,
services: 80% (2011 est.)
Questions to consider
What are the pros and cons of treating the corporation as a person?