Key Concepts in Economics paper-1067words

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Key Concepts in Economics

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The first key point identified in the article is economic growth as reflected by the level of GDP. According to Torry (2016), the U.S economy achieved a 0.7% growth in the last quarter of 2015. The low economic growth recorded in the last quarter of the year was an indicator of the global financial market turmoil being experienced. Three major sectors of the U.S. economy recorded sluggish growth. These include trade, energy development and production, and the level of inventories. All these factors contributed to low economic growth. The second key concept covered in the article involves consumer spending. According to Torry (2016), consumer spending remained relatively stable in 2015. Stability in consumer spending was driven by low interest rates, higher wages, and constant job gains. The three aforementioned factors greatly influence the level of consumer spending in an economy. Rising wages increase consumers’ propensity to consume, as with steady job gains and low interest levels. This is because of higher disposable incomes………………

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ECO100198VA016-1164-001 Principles Of Economics Week 8 Assignment:

 

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