41.         SAVING
1.      Meaning
     Saving is that part of income which is not spent on current consumption.

2.      Formula
Savings = Income – consumption (S = Y-C)

3.      Importance
Savings encourages investment and capital formation in the economy.

It is the amount earned or received by an individual or a unit or a group during a given period of time.

Income = Consumption + Savings (Y=C+S)

Income facilitates expenditure on consumption and savings, if any