S E30: Consumption and Saving - Spend Now or Save to Spend Later
Think Like An Economist
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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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