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three sectors of an economy

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Describe a scenario for the production and consumption of a product that involves all three sectors of an economy. Explain what each sector contributes to the transactions and what each sector receives.

Which sector benefits the most from the transactions involved and why?

The three sectors of an economy are business, household, and government.

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Solution Summary

This posting gives you an in-depth insight into three sectors of an economy. Which sector benefits the most from the transactions involved and why are determined. The three sectors are business, household and government.

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The scenario is that of a private company making and selling steel girders to the government for the construction of a bridge. This scenario involves all three sectors because the private company represents the business, the government agency purchasing the girders is the government and the additional workers employed to make the additional girders as well as the extra workers required to build the bridge represents the household.

In this scenario the first transaction is ...

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