Whats the connection between Income and Consumption?

[Bookwormlux1]

People who know what they are doing usually make sure that their income level is on higher side compared to their consumption level this is to ensure a good sense of financial discipline .

 

[Lens]

There is a strong connection between consumption and income. The amount of money you made could be regarded as your income and the amount of money that you spend could be regarded as your consumption.

 

[Chizfab]

Income has to do with profit, earnings, and commission. It comes into your account for work well done. While consumption has to do with expenditures and spending, it takes out money from your account. They are more like opposite of each other.

 

[Smiles20]

To define this one must have a proper financial management background.
Income is like your meaning and revenue from your investment or service you render either directly or indirectly while consumption can be stated as expenses, spending and consumables good or services.

It is good that you should have adequate financial background before going into business but it is also important that you should at least know the basics even if you don't want to have the financial background like how to understand income and expenditure.

 

[Setho]

It is going to be a very good thing for you to be able to know how to mix between income and expenditure because if you are we going to get some of them wrong then you are going to start making losses.

The balance between income and expenditure is exactly what is going to determine if you are making profit or loss is. These are the kind of basic things everyone should learn .

 

[Lens]

The best connection between consumption and income is that good of them rely on each other and that is basically what is obtainable in that area basically.

 

[Syldan]

Actually income and consumption are inter dependent because none can be more effective than the other and the othet, is the result of the othet one. that's income determined your consumption.

 

[Robust]

That is a big difference between income and consumption but the connection between the both is that when the income of demand a commodity is high, same the consumption will be high.

 

[Lens]

Income and consumption has a direct link and it is not really advisable to spend without looking at your income because you're spending will depend largely on your income.

 

[Shigobad20201]

Income is simply the amount of money you are making either monthly , daily or in a year while consumption is the amount you are spending on your daily needs either on food , transport , wears and so on

 

[Ektalakra]

Income and consumption are reciprocal to one another. Income is what you earn for doing work or for providing your service. On the other hand, consumption is your expenditure the income you spend. One consumption should never increase beyond its income otherwise it will lead to debt.

 

[Holluwaphemmy]

Income has to do with the amount of money that is generated from is savings salary wages and funds from families and friends or even gifts. Consumptions us to do route the way through which income are spent so consumption doesn't literally has to do with food.

 

[Bookwormlux1]

The connection between them is very important to any serious person because it is what helps you to monitor how well you are managing your finances. Then you can plan well.

 

[Gandiba1]

Your income level is what is going to determine how well you'll be able to manage yourself and then plan how you want to spend the money. You cannot continuously waste money if you're not spending on better investment.

 

[Bookwormlux1]

There is a lot of relationship between the two terms. But one has to be very much careful to balance them, because it demand high sense of financial discipline to do so.

 

[Gandiba1]

People who are financially responsible are usually very careful to make sure that their income level is on the higher side and how much they are consuming. This is the best decision to take .

 

[Syldan]

There is a kind of interdependence relationship that exists between income and consumption because the more their is income, there is also consumption visvasal they operate.

 

[Shigobad20201]

Income has to do with the amount of money that is generated from is savings salary wages and funds from families and friends or even gifts. Consumptions us to do route the way through which income are spent so consumption doesn't literally has to do with food.

Come is the amount of money generated by you either monthly , weekly or daily, its the amount of money you are making while consumption is the amount of money you are consuming , I mean spending.

 

[Gandiba1]

They're related due to the fact that they all are top notch financial keywords. They are what people with sound financial knowledge do not find it hard to understand at all .

 

[Godspower]

People who know what they are doing usually make sure that their income level is on higher side compared to their consumption level this is to ensure a good sense of financial discipline .

To some people, income should be directly proportional to consumption. However, there must be a balance the two in order to have some savings left for other things.