Whats the connection between Income and Consumption?

[Sunny cent]

Firstly the connection between income and consumption is so strong, a fact says as the level of your income increases your consumption will as well increase, but to a lesser extend.
As your income grows you intend to consume more(buy more goods).
Consumption depending on the level of the income, similar to the demand for goods depends upon it's the price. For instance, you can't spend(budget) above your income unless you want to be a debtor.

 

[Sariana23]

I understand by income, what you generate by performing your skills or labor, for which you receive earnings. In consumption, it is the way of spending money on goods or services according to your needs, whether food, medicine or primary needs, through which you consume your income. Many people consume more than their household income out of necessity.

 

[Eodine]

Income is the total amount coming in i.e money received oat times from work done or labor while consumption is the amount of money, mostly income that is used to feed or provide edibles for the family.

 

[Felixko]

it has shown that the association between consumption and income is stronger in low and high income countries, compared with middle income countries. A small level of income determines its use especially for consumption and a high level of income increases consumption as there are more available resources to cover large investments as well.

 

[Softdave]

The connection between income and consumption for me I will say income is money generated or gotten from the business but consumption is the usage of product by the consumers or the use of the generated income

 

[Josemendez]

Well , consumption depends on the amount of income generated . One cannot consume more than he gets . It is sad when people go as far as spending more than they earn thus leading them to borrowing

 

[Yaqoob Habib]

The connection is not something that is difficult to understand, your income level determines the amount you can choose to consume, you cannot consume more than your income and that is why the connection is that the higher the income, the higher the consumption.

You are absolutely right that he is in favor of income and consumption.It can never happen that your income is less and you consume more Because you have to spend according to your income.If you spend your income wisely, you can save some money Which you can use in bad times.

 

[Princeeffiong]

To be candid, no matter what you bring, acquire into your pocket it will end up as consumption. Consumption is the last resort of all the money you make in this life. Consumption goes to luxury, desires and all that you could think of in this life.

 

[Shaffy]

The more people have money, the more they consume. For a business owner, studying this pattern and your the audience you are targeting should be a priority, in my opinion.

This can help you know peak buying seasons, which product is more demanded when people don't have money and many more.

 

[Softdave]

The difference between income and consumption is as the name implies income are the resources to be business generates and consumption are the expenditure or uses of the revenue or income generated by the business but all will surely end is consumption

 

[mubinadaddy]

In my own view I look at income as the money that come into your business on a daily basis while consumption can be termed as directly proportional of income. Cause it's when you earn income before you can consume it.

 

[Setho]

For someone who one day plans of attaining financial literacy, you should learn to manage the way you earn and what you spend and ensure you have a lot of money left afterwards.

 

[Olubayo12]

You are absolutely right that he is in favor of income and consumption.It can never happen that your income is less and you consume more Because you have to spend according to your income.If you spend your income wisely, you can save some money Which you can use in bad times.

Yeah, bro. One has to learn the best way of spending his income in order to be able to have some for savings as well. There is no importance in working and earning only for one to exhaust the whole income on food and others without having anything remaining to save. It's a bad thing.

 

[IamDozzy]

There is a very strong connection between income and consumption. The more you consume the more your income reduces. If your consumption is more than your income then it would be very hard for someone to become rich.

 

[Dowenship]

The connection between Income and Consumption is frequently called a consumption schedule. It is utilized to depict monetary patterns in the household sector. When there is more cash or expectation of income, more merchandise are bought by customers. Which means cash is spent on uses, now and again, regardless of whether there isn't sufficient income to cover them. This is a typical financial principle used to portray spending patterns for public and world economies. A business ought to consider the connection among consumption and investment funds to separate information on buyer's patterns inside its own industry.

Connection of income and expenditure which you said is called consumption schedule is actually the expense schedule which out to be consider the connection among consumption and investment.....

 

[Sincerem]

Firstly the connection between income and consumption is so strong, a fact says as the level of your income increases your consumption will as well increase, but to a lesser extend.
As your income grows you intend to consume more(buy more goods).
Consumption depending on the level of the income, similar to the demand for goods depends upon it's the price. For instance, you can't spend(budget) above your income unless you want to be a debtor.

That's true. The more the income grows the more the consumption rate grows bigger too. That's why the spending power of the rich differs from the poor. The rich spends like no tomorrow, cos they believe the money won't finish. But the poor economizes, knowing that if he spend to much their won't be enough left to feed tomorrow.

 

[Bilal0087]

The connection between Income and Consumption is frequently called a consumption schedule. It is utilized to depict monetary patterns in the household sector. When there is more cash or expectation of income, more merchandise are bought by customers. Which means cash is spent on uses, now and again, regardless of whether there isn't sufficient income to cover them. This is a typical financial principle used to portray spending patterns for public and world economies. A business ought to consider the connection among consumption and investment funds to separate information on buyer's patterns inside its own industry.

In Economics we can say it scale of preferences and there is a little difference between the terms you have used. It can be used for the consumption but not for the income money. So they are just equal in usage

 

[Prettyjanie]

There is to a large extent no relationship between the two, while income is basically what comes in, consumption is what goes out of your pocket. Income is what you do to earn money, consumption on the other hand is what you spend your income on.

 

[Sincerem]

In Economics we can say it scale of preferences and there is a little difference between the terms you have used. It can be used for the consumption but not for the income money. So they are just equal in usage

Fantastic analysis you did here by drawing like terms from economics. The spending spree of a man grows higher when he makes higher than what he makes before. A poor man can never spend money like the rich.

 

[Victor001]

The connection between Income and Consumption is frequently called a consumption schedule. It is utilized to depict monetary patterns in the household sector. When there is more cash or expectation of income, more merchandise are bought by customers. Which means cash is spent on uses, now and again, regardless of whether there isn't sufficient income to cover them. This is a typical financial principle used to portray spending patterns for public and world economies. A business ought to consider the connection among consumption and investment funds to separate information on buyer's patterns inside its own industry.

Income has name implies is the total value of money entering your account at a given time as compared to consumption which is the amount you give out.
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