income-consumption curvea line that depicts the relationship between consumer INCOME and the quantity of a product demanded (see DEMAND) on a graph. See Fig. 88 . The slope of the income-consumption curve reflects the INCOME-ELASTICITY OF DEMAND, a steeply sloping curve indicating inelastic demand, with small changes in quantity demanded resulting from large changes in income, and vice-versa.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005