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economics unit 2 2015 25 mark. NEED HELP! watch

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    Extract B (lines 16 to 18) states that: ‘recent surveys have indicated that output, orders and employment in the construction industry have grown for eight months in a row.’

    Using the data and your knowledge of economics, assess the significance of the growth of the construction sector for the UK economy.
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    Sorry you've not had any responses about this. Are you sure you’ve posted in the right place? Posting in the specific Study Help forum should help get responses.

    I'm going to quote in Tank Girl now so she can move your thread to the right place if it's needed. :yy:

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    (Original post by robbiebarber2)
    Extract B (lines 16 to 18) states that: ‘recent surveys have indicated that output, orders and employment in the construction industry have grown for eight months in a row.’

    Using the data and your knowledge of economics, assess the significance of the growth of the construction sector for the UK economy.
    As you might know, the industry construction is quit significant for the UK economy (if you do a bit of research you can find out how much exactly, I must admit I don't know how big exactly it is), so if that sector of the economy is growing, it must contribute to the economic growth of the whole country. This is evident by the fact that employment has grown in the last eight months, if so, this must mean that more people are being employed as a result, therefore, unemployment will fall. Thus, if unemployment is going to fall, the more consumer spending is going to take place in the economy, as people have (potentially) higher disposable income, or a job because of the growth of the construction industry, so therefore some disposable income . If so, AD will shift to the right, and therefore, indicating economic growth. Hence, by drawing the diagram of AD shifting to the right, we can now see that unemployment has fallen, economic growth being increased; though there is a trade-off, that being higher inflation. In addition, you can mention if the construction industry is growing and creating jobs, the less dependent people are on, say JSA, thus, overall government spending might fall, therefore helping the budget deficit that we currently operate under.
 
 
 
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