Home / Archive / The New Economy / Definition of the Week:

Definition of the Week:

Engel’s Law

Jun. 4, 2008
Google plus Linkedin Pinterest

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)

Poll

Now that Republicans’ efforts to repeal and replace Obamacare have stalled indefinitely, do you believe the party will be able to pass tax reform?

Getting poll results. Please wait...