Whats the connection between Income and Consumption?

[Lucy ID]

The relationship between income and consumption can not be overemphasized, they work together hand in hand. Without income to a large extent consumption can not be achievable and consumption is also needed to sustain the way of more income

 

[Omotayo]

True and every serious businessman would consider this when running their business and ask critical questions like does this affect my business negatively and how do I keep business money from my expenditures.

 

[Laurentta]

Income and consumption are closely related. The incomea business owner makes will determine the amount he spends or how much he consumes.

 

[Bookwormlux1]

Income helps you to have some emergency capital, but if you channel all into spending and consuming, then your business would definitely crumble within short time.

 

[kayode10]

People make income from the job on service to cater for some of their expenses. he most common form is that when the income rises the consumption also rise as human wants is numerous.

 

[Ononivami1]

The income and consumption has a direct link. The income is directly proportional to consumption. The amount of money at your disposal would determine the degree of consultation.

 

[Syldan]

To me, is just like the law of demand and supply in economics terms. The higher the income, the higher the consumption because when the income is low the rate of consumption will definitely be very poor or low.

 

[Shoaib5600]

The relation between income and consumption is directly proportional. Mean if you have more income then your consumption will be more. But some people save their money if they have more from their consumption.

 

[Heatman]

The relationship between income and consumption is quite slick. Economics thought teaches that the higher the income that you earn ,the higher your consumption level increases.

There a connection between income and consumption is that you will definitely have one another for you to do the other one as without income you cannot be able to spend on your responsibilities for consumption.

 

[jay]

Consumption is directly proportional to income. The more you earn, the more you buy, similarly, your consumption depends on your level of income. However, some people spend more than their means and end up with a deficit.

Some people can actually be very stupid when it comes to how they spend money and how they make money which always put them in a tough spot because they have a lot of bills to pay that I have already used.

 

[Grandeur]

Income and consumption are inter related that's why they are both on the gdp calculation and consumer price index simply because it's the money that comes in one can then use to buy consumable goods.

 

[Syldan]

The connection between income and consumption is interdependent in which the rate of consumption is greatly determined by the income.

 

[Shigobad20201]

Those two are mutually exclusive, like you can have income without consumption around the corner. But you need to work on your consumption rate if you so want to have something left for savings. The reason why one needs to budget one's income before it comes so as to allocate it properly.

You have a good detailed way of connecting consumption and income together I a unique way , working in your consumption rate to have large part of income for saving after consumption.

 

[kayode10]

It is being said that the higher your revenue the higher you consumption rate. This can only be true for someone who doesn't have control over their financial spending. The major for everyone should be to have multiple streams of income so as to cater for one's needs.

 

[Heatman]

The connection between income and consumption is that you tend to consume from what you gain as income. Your income however should be greater than your consumption. You shouldn't consume or spend more than you earn.

I've actually seen some people who made the mistake of consuming more than they earn which always put them in a very tight spot of owing a lot of people when they are not supposed to.

 

[Syldan]

The relationship that exists between income and consumption, is interdependence because income determines the expenditure and expenditure is the product of income. when the income is low the level of consumption will be very low.

 

[Shigobad20201]

Income is the total amount of money coming into your purse , while consumption simply means the total amount of money you spent , so the correlation is that the amount of your consumption will be determined by the amount of your income.

The income and consumption has a direct link. The income is directly proportional to consumption. The amount of money at your disposal would determine the degree of consultation.

 

[Ononivami1]

Income is the total amount of money coming into your purse , while consumption simply means the total amount of money you spent , so the correlation is that the amount of your consumption will be determined by the amount of your income.

If the amount you are earning is very high, your degree of consumption will be very high too. You will want to settle for luxurious cars and accommodations. You will go for expensive things based on your income.

 

[Psalmseen]

There's a huge connection between income and consumption. Consumption can be simply said to be that part of one's income that's spent. Consumption is definitely from one's income

 

[tyrim88]

There is a relativity between what a person gets and it is from his income or revenue that will have something to spend on.The plan of action based on the consumption lifesstyle is to a large extent dependent on his income.