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S E30: Consumption and Saving - Spend Now or Save to Spend Later

Think Like An Economist

CHAPTER

Consumption and Savings

Consumption is what households, or everyday people spend on final goods and services. That means everything from rent to food, medical bills and pretty much most things we buy. You can think of saving as being your future consumption. In general, people consume more when they earn more. We'll do up into just how much more a little later.

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