Question

1. Are government commercial interprices included in corporate sector?

2. Define household sector of an economy.

3. Name two non-profit institutions serving households.

4. what name is given to a household producing unit which produces independently?

5. What name is given to manmade goods which are used for further production?

6. Define a general government enterprise.

7. Define production process.

8. Name two characteristic of production process.


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Answer 1

Explanation:

2. HOUSEHOLD SECTOR: The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. ... Members of the household sector also own all of the factors of production, all resources.

3. Examples include churches and religious societies, sports and other clubs, trade unions and political parties. NPISH are private, non-market producers which are separate legal entities.

5. Capital is defined as “All those man-made goods which are used in further production of wealth.” Thus, capital is a man-made resource of production. Machinery, tools and equipment of all kinds, buildings, railways and all means of transport and communication, raw materials, etc., are included in capital.

6. A government business enterprise (or GBE) is a hybrid organization, both privatized and controlled by the government.

7. Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

8.Following are the main features of production function: 1. ... The factors of production are also complementary to one another, that is, the two or more inputs are to be used together as nothing will be produced if the quantity of either of the inputs used in the production process is zero.