JAMB - Economics (2019 - No. 10)
An economy in which the whole income is not consumed is referred to as______
Frugal economy
Spend thrift economy
Capitalist economy
Mixed economy
Explanation
A frugal economy is an economy in which the income is shared between consumption and saving or consumption and investment i.e
γ = c + s or γ = C + I
γ = c + s or γ = C + I