Final answer:
Longer lives on average have a positive impact on the economy through an extended labor force, increased demand in healthcare and retirement sectors, and higher consumer spending.
Step-by-step explanation:
The longer lives of people on average have a significant impact on the economy. This is mainly due to the increased labor force and consumer spending. When people live longer, they can continue working and contributing to the economy for a longer period of time. Additionally, as people age, they tend to have higher healthcare and retirement expenses, which leads to increased demand in these sectors, promoting economic growth.
For example, with longer life expectancy, there is a need for more healthcare professionals, creating job opportunities and economic activity in the healthcare industry. Furthermore, elderly individuals often have more disposable income and are more likely to spend it on goods and services, thus driving consumer spending.
In summary, longer lives on average positively affect the economy by extending the labor force, increasing demand in sectors like healthcare and retirement, and boosting consumer spending.