Income Effects on Consumption and Budget Constraints
This graphical representation of a consumers income(I) and budget constraints (BC) underlines the variance in quantity of 'Good X' and 'Good Y' that will be demanded dependent upon income circumstance. Naturally, a higher income will result in a shift towards increase in quantity for many consumable goods/services.
Source
Boundless vets and curates high-quality, openly licensed content from around the Internet. This particular resource used the following sources:
