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Definition of the Week:

Engel’s Law

Jun. 4, 2008
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Engel’s Law:
People generally spend a smaller share of their budget on food as their income rises. As people get richer they can afford better-quality food, so their food spending may increase overall, but they can also afford other luxuries, which tend to take a larger percentage of their budget. Hence the share of food in total spending falls as incomes grow. (source: Economist.com)

 

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