Business, Legal & Accounting Glossary
The amount of consumption that would take place in an economy if consumers had no income. Types of goods or services that fall under autonomous consumption include items often dubbed “needs”: food, housing, electricity. If consumers have no discretionary income they still will need some place to live and something to eat. When combined with discretionary income, autonomous consumption represents real wages.
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This glossary post was last updated: 20th November, 2021 | 0 Views.