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How are you a vital part of a successful economy​

User Zergood
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1 Answer

5 votes

Answer:

see below

Step-by-step explanation:

Individuals have critical roles to play in a successful economy. As a contributor to the economy, my roles include

1. Consumption

Consumer spending is vital to the success of the economy. Goods and services are produced for sales. Individuals, including myself, are the market to these products. An increase in consumer spending increases the aggregate demand, which increases production leading to more economic growth.

2. Labor

Labor is the human effort in the production process. People contribute skills, energy, and time to make goods and services available in the market. Without the labor input, there would be no production, which will lead to the economy's collapse.

Other ways that humans contribute to the economy's success are through entrepreneurship and paying taxes.

User Joshua Noble
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