Define Economic Groups

question 14

Essay

Define economic groups.Identify four types of economic interest groups and the constituencies they serve.
D.C.,concentrate their activities on policies that are concerned with business.Business interests are also represented by associations such as the National Association of Manufacturers and the U.S.Chamber of Commerce.Labor groups seek to promote policies that benefit workers in general and union members in particular.They have been politically active for a long time,and the AFL-CIO is the largest labor group.Farm groups represent various segments of the farm community; for example,the American Farm Bureau Federation promotes agribusiness and large farms,while the Farmers Union promotes the interests of smaller family farms.Professional groups,such as the American Medical Association,represent various professions and attempt to influence policy on their behalf.

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Definitions:

Consumption Spending

Expenditures by households on goods and services, excluding new housing.

Gross Domestic Product

The total monetary value of all goods and services produced within a country's borders in a specific time period, used as a broad measure of economic activity.

Gross Domestic Product

The aggregate market or monetary valuation of all completed products and services generated inside the boundaries of a country during a designated period.

Final Good

A product or service that is consumed by the end user and does not require further processing or manufacturing.