Question

Which section of the economy makes up the majority of spending on goods and services?

a) business
b) religious organizations
c) consumers
d) government

Answer 1

Consumers make up the majority of spending on goods and services, accounting for approximately two-thirds of the GDP, indicating their major role in driving the economy.

Step-by-step explanation:

The section of the economy that makes up the majority of spending on goods and services is consumers. Consumption expenditure by households is the largest component of GDP, representing about two-thirds of the GDP in any given year. This level of spending by consumers hints at their significant role in driving the economy. The consistent growth of consumer spending from about 60% of GDP in the 1960s and 1970s to a more modest increase illustrates its stability and importance over time.