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18 July, 07:22

4. What is the difference between a

household and a firm?

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Answers (1)
  1. 18 July, 10:42
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    In economics, the term household refers to the members of a home. This is used to make social and economic models.

    Household is made up of each of the people who live in a home. Most of the companies' productions are directed to this group.

    As for the firm, it is who is going to use the production factors in order to manufacture products or services that the previous group will consume.
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