ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumer Sector
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Government Sector
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Investment Sector
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Export Sector
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Detailed explanation-1: -The service sector is the largest sector of the economy in developed nations.
Detailed explanation-2: -1. Personal Consumption Expenditures. Consumer spending contributes almost 70% of the total United States production. In 2019, that was $13.28 trillion.
Detailed explanation-3: -For the macroeconomic analysis, the four aggregate macroeconomic sectors that form the basic foundation are household, business, government, and foreign-which account for four gross domestic product expenditures.
Detailed explanation-4: -What is Consumption? Consumption is defined as the use of goods and services by a household. It is a component in the calculation of the Gross Domestic Product (GDP). Macroeconomists typically use consumption as a proxy of the overall economy.
Detailed explanation-5: -A four-sector model of economy includes households, businesses, government, and foreign trade. In four-sector economy, exports are the injections in the national income, while import act as leakages or outflows of national income.