The level of the income of people creates a great impact on the living. If anyone can’t afford expensive things so he/she buys when promotional deals come in the market. These people wait for the price reduction of the product.
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Lifestyle is the most essential thing that reflects the status of the person. If the person’s income is high so he purchases expensive things for his family. If he can’t afford anything and he is only capable of fulfilling the necessities of his family for survival in the world so it means that he belongs to a poor family. The middle class is in between these. They fulfilled their necessities as well as purchase some expensive products for their family.
INCOME AFFECTS THE LIVING
- When the person’s income becomes better than before so he/she can buy good things than before.
- The Standard of living can decline or improve due to the variation of the income.
- If the person earns more so he buys goods for the consumption of his own and family more whereas if his income level decline so the standard of living is also declining.
- Economically, demand increases when income increase, and demand declines when wages of the people decline.
The topic is wide when we discuss the effects of income level and consumption of the people. For instance, compare two persons. One belongs to the rich and the second person belongs to the poor family. The richer person buys branded products whereas the poor person can buy the only necessities to fulfill the needs for survival.
When we critically analyze the two classes of people so the variations in their income level create a big difference between their lifestyles. Their buying habits, clothes, groceries, the standard of the home, and many more things are different.
The standard of living of the person is directly connected to the income level. The person can buy good things when increment occurs in his salary. A poor person spends his whole life in hardworking for fulfilling his necessities of life whereas the richer person enjoys the beauty of the world by traveling around the globe and fulfilling their dreams.
The health of the hardworking person also becomes weak due to the overload work. They don’t care about their health and can’t take good sleep because they don’t have enough time to sleep well. All in all, due to the overload of work, the life of the poor becomes shorter and the person dies soon.
When we see everything widely so the labor’s income level is not good whereas the entrepreneur earns more and does not distribute his profit. The profit of the entrepreneur remains in his own hands. Because he is not giving the required wages to laborers and utilize them fully.
How can anybody use those poor people? They don’t pay the whole money that is required for living a good life. Due to these inequalities, the richer become richer and poorer becomes poorer. Various company entrepreneurs are busy counting their profits and don’t care about their labor.
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