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Aggregate Consumption
This is the aggregate of all expenditures on current consumption goods and services i.e. those which are consumed during the period. Living standards are usually correlated to per capita consumption of goods and services. This is obtained by dividing aggregate consumption by population.Current consumption is normally the proximate goal of economic activity. At low levels of income almost all of it has to be spent on current consumption - food, clothing, rent, fuel, education, etc. As income levels rise it is possible to set aside some income for saving. The relationship between aggregate consumption expenditures and aggregate income of household sector is known as the consumption function, that is C = C(Y). Consumption expenditure may be related to either national income or disposable income. It is one of the most important relationships in macroeconomics.
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Price/Feeder Quantity Demanded Quantity Supplied $300 500 1800 270 600 1700 240 700 1600 210 800 1500 180 1000 1400 150 1100 1300 120 1200 1200 90 1300 1100 60 1400 1000 30 1500 90
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