Household Consumption Accounts for About One-Half of U.S. GDP

question 43

True/False

Household consumption accounts for about one-half of U.S. GDP.

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Definitions:

Prices

The amount of money required to purchase a good, service, or asset.

Goods

Goods are tangible items that satisfy human wants or needs, which can be transferred from one person to another and include consumer products, commodities, and durable goods.

Indifference Schedule

A graphical representation in economics that shows combinations of goods among which a consumer is indifferent.

Unit of Y

A hypothetical unit used in economic models to represent output or goods produced.