Our Society Is in a State of Constant Change and Becoming

question 12

True/False

Our society is in a state of constant change and becoming more complex, especially, as we enter the era of "globalization".

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Definitions:

Consumption Function

The relationship in the economy between consumption and income, other things constant.

Saving Function

The relationship between the level of saving and the level of income, typically showing that saving increases as income increases.

Consumption Function

An economic formula that expresses the relationship between total consumption and gross national income, indicating how much households are likely to spend.

Disposable Income

Disposable income refers to the amount of money individuals or households have available to spend or save after income taxes are deducted.