Question

Define the term savings as it is used in economics.

A. income that is not used for consumption
B. money that is spent during a depression
C. revenue that is stored for later consumption
D. profit that is used for capital deepening

Answer 1

Answer: Savings can be defined in terms of economics as:

A. income that is not used for consumption.

Explanation: When an income earned by someone is not used for consumption or to for any business services but is stored or kept somewhere save and restricted. This is known as Savings.