Explain the Difference Between Disposable and Discretionary Income

question 13

Essay

Explain the difference between disposable and discretionary income.Which is more important to retailers?

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Definitions:

Protective Function

A role often played by governmental bodies to ensure the safety and security of its citizens, through measures like law enforcement and military defense.

Legal Enforcement

The process of ensuring compliance with laws, regulations, and rules through sanctions or penalties.

Contracts

Legally binding agreements between two or more parties that establish obligations, rights, and responsibilities.

Derived Benefits

Advantages obtained indirectly from an activity or service, such as economic benefits from environmental conservation.