You overhear a friend discuss how Americans are frivolous in their spending and waste lots of money. Use this data on family budgets to argue against his position.
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Explanation:
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2
Answer:
The statement if False.
Explanation:
- The most expensive items in American spending are needs like housing, taxes, and transportation, while wants like wants are the least expensive.
- In America, besides taxes three largest cost categories are households, transportation and food.
- A family's transportation costs are $1,847 more than its food expenses.
- Typically, needs make up 80% of expenses rather than wants.
- Housing, fees, and medical expenses I anticipate continuing to be the same each month. The cost of clothing, entertainment, food, and transportation changes every month.
Hence we can conclude that, Americans don't necessarily waste money on wants because they have to spend on needs before wants, which results in a lot of spending on things like housing and taxes.
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