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The Saving Function definitions

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  • Savings Function
    Shows the relationship between household savings and disposable income, illustrating how much is saved at various income levels.
  • Consumption Function
    Represents how households allocate disposable income toward consumption, paralleling the savings function in structure.
  • Disposable Income
    Refers to income remaining after taxes, available for spending on consumption or for saving.
  • Savings Schedule
    A tabular or graphical representation of the amount saved at different levels of disposable income.
  • 45-Degree Line
    A graphical reference where all disposable income is hypothetically saved, indicating zero consumption.
  • Marginal Propensity to Save
    Measures the fraction of each additional dollar of disposable income that is saved, represented by the slope of the savings function.
  • Marginal Propensity to Consume
    Indicates the portion of each extra dollar of disposable income that is spent on consumption, typically larger than its saving counterpart.
  • Slope
    Describes the rate at which savings change in response to changes in disposable income on the savings function graph.
  • Bonus
    An unexpected increase in income, often leading to higher consumption and savings.
  • Raise
    A permanent increase in salary, resulting in higher disposable income and typically boosting both consumption and savings.
  • Household Savings
    The portion of disposable income not used for consumption, accumulated for future use.
  • Consumption
    The part of disposable income spent on goods and services rather than saved.
  • Income Level
    A specific amount of disposable income, used to determine corresponding savings and consumption.
  • Change in Savings
    The difference in the amount saved resulting from a change in disposable income.
  • Change in Disposable Income
    An increase or decrease in after-tax income, affecting both consumption and savings decisions.