Fill in the blank with appropriate alternatives given below
That part of income, which is not spent on consumption, is called __________.
That part of income, which is not spent on consumption, is called saving.
Individuals incur expenditure on consumption from the income. However, not all of the income is spent on consumption, rather a part of it remains unspent. This unspent part of the income is called as savings.
Saving = Income – Consumption