— The relationship between income and consumption gets well illustrated OECD (Edt. 2013). According to the report of OECD (2013), in a nation the level of consumption by the respective population must remain proportionate to the national income of the country. In case of more consumption, the possibility is that people are paying more to the suppliers and hence more income to those to supply. However, there can be some exceptions. As for instance, if the population of a nation is buying things as per their demands from some other nation, then the expenditure is liable to get create more income opportunities for the other nation. This can stand vice versa, if some other nation is consuming from the selected nation. In this case, the consumption of the other nation will be the income of the selected country.

Thus, term income refers to the earnings attained by an individual or a nation, whereas consumption refers to the intake as consumed by an individual or a nation. These terms are interrelated to each other through the scale of demand and supply. The demand generates consumption, whereas supply generates income. The demand leads to consumption and thus the supply to this demand at a price creates income for the person or nation that is supplying the consumable demand.

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