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

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Consumers: Buyers, Buyers Everywhere

As you have surely noticed, Americans are avid consumers. In a sense, the U.S. economy has been built on high household consumption. The advertising, credit card, banking, and retail industries have created an environment in which people spend freely on the things they want and need. In contrast, the Japanese put a higher percentage of their incomes into savings, and both Asians and Europeans make much less use of credit cards. Consumer demand in the United States has fueled the nation’s continual economic growth.
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THE REAL WORLD
In the recession of 2001, the media pointed out that consumers continued spending, ...

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