Household Economics

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August 25, 2024 3 min read Definitions
Engel's Law: Economic Observation on Income and Food Expenditure
Economics Household Economics Income Expenditure Food Consumption Economic Law
Engel's Law, observed by 19th-century economist Ernst Engel, states that as family income rises, the proportion of income spent on food declines. This economic principle highlights the relationship between income levels and spending habits on necessities.
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