ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Resources
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Interest
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goods
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services
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Detailed explanation-1: -Businesses use the economic resources they buy in the market for resources to produce goods, such as computers and bicycles, and services, such as haircuts and car repairs.
Detailed explanation-2: -According to the BLS survey, the largest expenditures were housing and transportation, which comprised 26 percent and 13 percent of people’s take-home pay, respectively. Another big spending category was food, to which 10 percent was devoted.
Detailed explanation-3: -Personal Consumption Expenditures. Consumer spending contributes almost 70% of the total United States production.
Detailed explanation-4: -Consumer Spending in the United States averaged 6213.72 USD Billion from 1950 until 2022, reaching an all time high of 14226.80 USD Billion in the fourth quarter of 2022 and a record low of 1403.69 USD Billion in the first quarter of 1950.