List of economic activities of a family
Answers
Answer:
Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the study of the family. It tries to explain outcomes unique to family—such as marriage, the decision to have children, fertility, polygamy, time devoted to domestic production, and dowry payments using economic analysis.
The family, although recognized as fundamental from Adam Smith onward, received little systematic treatment in economics before the 1960s. Important exceptions are Thomas Robert Malthus' model of population growth[1] and Friedrich Engels'[2] pioneering work on the structure of family, the latter being often mentioned in Marxist and feminist economics. Since the 1960s, family economics has developed within mainstream economics, propelled by the new home economics started by Gary Becker, Jacob Mincer, and their students.[3] Standard themes include:
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Answer:
Explanation:
a. Producing bakery items (Production)
b. Buying essential goods and services for daily needs ( Consumption)
c. Paying salary to bakery staff (Distribution)
d. Transportation of baked goods (Exchange)
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