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Table 4-2
-Refer to Table 4-2. Whose demand does not obey the law of demand?
Necessities
Essential items required for living, such as food, clothing, and shelter.
Taxes
Compulsory financial charges or other levies imposed on an individual or a company by a governmental organization in order to fund various public expenditures.
Discretionary Income
Discretionary income is the amount of an individual's income that is left for spending, investing, or saving after taxes and personal necessities have been paid.
Disposable Income
The amount of money an individual or household has available for spending and saving after taxes have been deducted.
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