What is the connection of household and firm difference between?
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Explanation:
The term refers to all individuals who live in the same dwelling. In economics, a household is a person or a group of people living in the same residence. ... The firm will use the factors of production to produce output in the form of goods and services, which will purchase by the households.
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In a daily life example we are consumers who are working for a firm to earn wages. Because we working for the company the company makes profit and increase their production in their goods and services. When we are the households we receive wages from firms and we use it to buy goods and services produce by firms.
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