Question

household production still exists because it often requires fewer specialized resources than market production does. True...

household production still exists because it often requires fewer specialized resources than market production does. True or false

Homework Answers

Answer #1

True.

  • Household production often requires fewer specialized resources than Market production does.
  • We know that, Household production refers to the production of goods and services by households that benefit the households rather than the markets like the clothes, child care etc.
  • They use unpaid labour and do not require any specialized resources for the production of their goods and services.
  • Benefits from household productions are immense as they contribute to the market production, in the form of specialised resources like land, labour and capital.
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