Question

explain the concepts of firm, household and government​

Answer 1

Answer:

In an economy, production, consumption and exchange are carried out by three basic economic units: the firm, the household, and the government. Firms make production decisions. ... The government collects taxes from households, buys goods from firms, and distributes those goods to households individually or collectively.

Explanation:

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Answer 2

Answer:

Households make consumption decisions and own factors of production. They provide firms with factor services in production, and buy finished goods from firms for consumption. The government collects taxes from households, buys goods from firms, and distributes those goods to households individually or collectively.

Explanation:

Factors of production are land, labor capital and entrepreneurship. Households are the owners of factors of production and the firms are users of factors of production. Firms use households (factors of production) to pay factor incomes which is rent, wages, interest and profit. Firms will use factor of production to produce output in the way of goods and services, which will be purchased by the household. In this way household incur their expenditures.

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