Question

Describe briefly the role of household in an economy

Answer 1

Households, firms, private banks and States of the Union are all non-monetary-sovereign entities and need income or profits or state taxes to survive.

The Nation (or federal govt) is monetary sovereign, creates money and does not need federal taxes.

The two classes are different and balance differently, almost oppositely. In the gold standard days, before 1971, there was no monetary sovereignty and all balances were the same. That same terminology is still being used to confound economists and people thoroughly. It is faulty terminology (deliberately being used) is the culprit.
In a market economy households provide resources and labor and purchase goods and services while firms provide goods and services and purchase resources and labor. You can view the relationship between households and firms as a "circular flow" drawn below

Answer 2

u can view the relationship between firm n household in circular flow as drawn above...

role of house -)) in an economy the household provide resources n labor n purchase goods n services, while firm provide goods n services n purchase labor n resources.

hope this help!!!