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Karrie is a golf​ pro, and after she paid​ taxes, her income from golf and interest from financial assets were ​$1 comma 500 comma 0001,500,000 in 20172017. At the beginning of 20172017​, she owned ​$800 comma 000800,000 worth of financial assets. At the end of 20172017​, ​Karrie's financial assets were worth ​$1 comma 300 comma 0001,300,000. How much did Karrie save during 20172017​? How much did she spend on consumption goods and​ services?

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Answer:

How much did Karrie save during 2017?

  • $500,000

How much did she spend on consumption goods and​ services?

  • $1,000,000

Explanation:

Karrie's after taxes net income for 2017 = $1,500,000

Beginning assets 2017 = $800,000

Ending assets 2017 = $1,300,000

Karrie's savings = amount by which her assets increased during the year:

$1,300,000 - $800,000 = $500,000

Karrie's consumption = net income - savings = $1,500,000 - $500,000 = $1,000,000

An individual either spends or saves the money that he/she earns, so any money not saved can be considered money spent.

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