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This document discusses consumption, income, and saving. It explains that consumption is the largest component of GDP and is closely linked to income. As income increases, consumption of necessities declines as a proportion of income while spending on luxuries rises. The relationship between consumption and income can be shown using consumption and saving functions, where the slope represents the marginal propensity to consume or save. Households aim to smooth consumption over time using savings and borrowi

Author

Tawasul Hussain Shah Rizvi

Language

EN