Define the term “Household sector”.

1.	Define the term “Household sector”.
Answer» 1. The household sector is the sole buyer of goods and services, and the sole supplier of factors of production, i.e., land, labour, capital and organisation. 2. It spends its entire income on the purchase of goods and services produced by the business sector. 3. The household sector receives income from firm sector by providing the factors of production owned by it.

Answer»

1. The household sector is the sole buyer of goods and services, and the sole supplier of factors of production, i.e., land, labour, capital and organisation.

2. It spends its entire income on the purchase of goods and services produced by the business sector.

3. The household sector receives income from firm sector by providing the factors of production owned by it.

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Define the term “Household sector”.

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