Examlex
If supplies are purchased for cash:
Personal Income
The total amount of income earned by an individual from all sources before any taxes are deducted.
Autonomous Consumption
Describes the expenditure that consumers will make even when they have no income, considering it as a basic level of consumption driven by needs.
Saving
The act of setting aside money for future use, reducing current consumption.
Induced Consumption
Consumer spending that increases or decreases as a result of changes in income, as opposed to autonomous consumption that does not change with income.
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