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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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Chapter 6
Buyer Be Where?
In This Chapter
• How consumers make purchase decisions
• The true value of goods and services
• Why water is very valuable but very cheap
• What makes consumers better off
To understand the U.S. economy, you must understand consumers. Consumers drive the growth of the economy as well as its character. They drive its growth because consumption by households represents more than two thirds of gross domestic product (GDP). They drive the character of the economy—which is that of a consumer society—because of their wealth and buying behavior. The high levels of wealth, together with a low savings rate and high use of credit, have meant that Americans tend to buy what they want when they want it. This flows through ...

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