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Durable goods

Defn: Represents the value of goods and services produced in the country from all sections of the economy.

Besarta Ramadani

on 26 April 2010

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Transcript of Durable goods

What are durable goods? Defn: Products that aren't consumed quickly + can be used for several years e.g. an oven

Consumption is the value of goods and services bought by people. It is also the largest GDP component Factors that can affect consumers' expenditure on Durable goods: Current income - how much spending money they have from work earnings Economic climate - if economy is healthy = more choices = more jobs = higher income = more durable goods Level of GDP- If it high then consumption of durable goods will rise due to higher incomes + cheaper prices + if GDP low, vice versa Reasons for increased consumer expenditure: Increase in imports - More choices available + more resources to produce more products An increase of income level with a positive impact on future savings Lower tax rates - E.g VAT, Income taxes etc... to make gds more affordable
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