The component of GDP called consumption consists of: household spending on durable goods, but not household spending on nondurable goods or on services. household spending on durable and nondurable goods as well as household spending on services. household spending on durable and nondurable goods, but not household spending on services. spending by households and business firms on durable and nondurable goods as well as spending by households and business firms on services.

household spending on durable and nondurable goods as well as household spending on services

Explanation:

Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP can be calculated using:

1. Expenditure approach

2. The income approach

The expenditure approach = Consumption spending + Investment spending + Government Spending + Net Export

Consumption spending is household spending on durable and nondurable goods as well as household spending on services.

Investment spending is spending by businesses.

Government spending includes spending by government

Net Export is export less import

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