Question

The consumption schedule shows the relationship of household consumption to the level of?

Answer 1

The Consumption schedule shows the relationship of household consumption to the level of disposable income.

What is disposable income?

Disposable income is the sum of money that a person or household has available for spending or saving after income taxes have been subtracted (sometimes known as disposable personal income, or DPI). At the macroeconomic level, one of the most important economic indicators used to assess the overall health of the economy is disposable personal income. Net income equals disposable income. It is the balance remaining after taxes. The amount of net income that is left over after covering all essentials is referred to as discretionary income.

You could define disposable income as:

• A country's national income less current transfers (current taxes on wealth, income, and other items, as well as social contributions and other current transfers), plus current transfers that residents of that country can get from the rest of the world.
• Income that individuals or families have available for discretionary spending, is often known as disposable personal (or family/household) income. The amount of money left over after paying for bare needs like shelter, food, and fuel for a family is referred to as disposable income.

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