‘The first important part of GDP is consumption, or “personal consumption expenditures.” Consumption is by far the largest component of GDP, equaling about two-thirds of the total in recent years. Figure 21-3 shows the fraction of DP devoted to consumption-over the last six decades. Consumption expenditures are divided into three categories: durable goods such as automobiles, non durable goods such as food, and services such as medical care. The rapidly growing sector is services.
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