Abstention from consumption enables capital to be produced . Such abstention is called
Question 1 Report
Abstention from consumption enables capital to be produced . Such abstention is called
Answer Details
Abstention from consumption is called savings. Savings refers to the portion of income or resources that are not immediately consumed but are set aside for future use. When individuals or businesses save, they forego current consumption in order to invest in capital goods, such as machinery, equipment, or buildings. This, in turn, makes it possible to increase productivity and generate more income in the future. In other words, savings is a crucial factor in the process of capital accumulation, which is essential for economic growth and development. Therefore, the correct answer is (a) savings.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning