Lecture 8 Notes - ECN 211 Macroeconomic Principles L8: 1...

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03/03/10 1 ECN 211 Macroeconomic Principles L8: Private and Public sector
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03/03/10 2 The Private and Public Sector Private Sector Households Business Firms The International Sector Public Sectore Government
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03/03/10 3 Households … one or more persons who occupy a unit of housing Households spending is called consumption Consume housing, transportation, good, entertainment etc. Durable Vs Non-durable consumption Durable: a good that is not fully consumed “used up” in a single usage Televisions, furniture etc Non-Durable: a good that is fully consumed “used up” in a single usage Food, Gas, drinks etc
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03/03/10 4 Size Distribution of Households in the United States
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03/03/10 5 (Nominal) Household Spending and Income
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03/03/10 6 Business Firm … a business organization controlled by a single management Forms of business organization: Sole Proprietorship Business owned by one person – owner receives all profits and are responsibly for all debts incurred Partnership Business owned by two or more people Corporation A legal entity owned by shareholders Multinational Business A firm that owns and operates producing units in foreign countries
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03/03/10 7 Investment
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