Asked by Omphemetse David on Jul 28, 2024
Verified
The fastest-growing component of U.S.personal consumption is services.
Personal Consumption
The value of goods and services consumed by individuals and households for their own use.
- Understand the role of labor mobility, income sources, and the shift from rural to urban settings in economic development.
Verified Answer
TC
Theresa ChidinmaJul 30, 2024
Final Answer :
True
Explanation :
According to recent data from the Bureau of Economic Analysis, services represent the fastest-growing component of U.S. personal consumption. This includes activities such as healthcare, education, travel, and leisure.
Learning Objectives
- Understand the role of labor mobility, income sources, and the shift from rural to urban settings in economic development.
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