Band 7 Sample Answer, Some people think that it is better for a country’s economy
You Should Spend About 40 Minutes On This Task.
Some people think that it is better for a country’s economy for people to spend money while others believe that it would be better for people to save money.
Discuss both sides and give your opinion.
Write at least 250 words
Many people hold that spending money by folks is lucrative for the nation’s economical growth whereas others favor an alternate idea of saving money rather than spending it. I personally believe that spending on people is more beneficial as compared to saving.
Firstly, it is essential for people to spend money to stimulate the economy because one person’s spending is earning of others. This idea is supported by an economic theory, in which economists claim that governments should encourage consumer spending in order to end the recession and that people’s expenditure is the single most imperative driving force of any economy. Besides, several businesses can flourish if people spend money on their entertainment and comfort. To exemplify, the tourism and hotel industry are based on the people’s expenditures on amusement. In general, money spending is a key factor to boost any economy.
However, numerous people deem the idea of saving money instead of spending because it can help them in some crucial situations to support their families financially. For instance, during the coronavirus pandemic when people had lost their jobs, their saved money helped them to survive. Not only could saving money support families in unfavorable circumstances, but it could also assist them to fulfill some sudden financial requirements in their daily lives. For example, people can support their children‘s higher education expenses easily provided that they saved money in the past.
To conclude, although there are some benefits of saving income, for the overall economic growth of a country, people‘s expenditure is a must. I reckon that for smooth running of the economy, people should spend money as it would provide income to various business and their employees.
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