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Engels law of consumption depicts that when our income is increased we spend less on food but spend more on durable goods, and when our income is decreased we spend more to fill primary needs(food, shelter, etc).
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∙ 14y ago
Engel's Law of Consumption states that as income increases, the proportion of income spent on food and other necessities decreases, while the proportion spent on luxury goods and services increases. This law suggests that as people's income rises, their spending priorities shift from basic necessities to more discretionary items.
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