Consumption Spending Income Living Standard????
Just want to make sure I have this all straight --
Income is the total income from all sources (wages, investments, SS, Real Estate)
Spending is the total of spending from all source (Housing, Taxes, Medicare..including expenses identified in the special expense entry) but does not include discretionary spending such as vacations or Green Fees
Consumption is the total amount available to spend after the expenses in spending have been satisified. That is Consumption = Spending + Other amount spent (Green Fees Dinding out Food, Clothing, Auto Insurance, vacations etc.)
Living Standard = consumption/# of people
Is this right?