ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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accounts for roughly 70% of GDP
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is one of 4 components of GDP
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could be a family going to the movies
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all of these
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Detailed explanation-1: -Consumer spending is the total money spent on final goods and services by individuals and households for personal use and enjoyment in an economy. Contemporary measures of consumer spending include all private purchases of durable goods, nondurable goods, and services.
Detailed explanation-2: -Consumer spending examples Services include things like a haircut, plumbing, TV repair, auto repair, medical care, financial planning, concerts, travel, and landscaping.
Detailed explanation-3: -Whether you’re picking up coffee, paying for cellphone service, or buying a car, that’s consumer spending. Spending by consumers (or on their behalf, like an insurance company paying part of your hospital bill) is a big force in the nation’s economic growth.
Detailed explanation-4: -Almost two-thirds of consumer spending is on services, like real estate and health care. Other services include financial services, such as banking, investments, and insurance. Cable and internet services also count, as do services from non-profits.