Consumer economy

Consumer economy

A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports). [1]

The often-quoted statistic for the United States, for instance, is that consumer spending amounts to 70% of GDP since 2001[2] [3].

References

  1. ^ Education 2020 Homeschool Console, section Vocabluarly of Unit on "Economic Boom of the 1920s", quote: "CONSUMER ECONOMY: Definition: An economy that depends on a large amount of spending by comsumers. - school login required, accessed 12:21 PM, December 1st, 2009.
  2. ^ http://economix.blogs.nytimes.com/2010/05/03/big-spenders-the-consumer-economy/
  3. ^ http://www.wbur.org/2011/01/28/stronger-consumer-spending

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