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Chapter 1: Q 13. (page 25)

What are examples of individual economic agents?

Short Answer

Expert verified

The two main economic agents are:

  1. Households
  2. Businesses

Step by step solution

01

Step 1. Defining Economic Agents

Economic Agents are decision-makers who affect the economy with economic activities like buying, selling, and producing.

Some economic agents are households, businesses, workers, firms.

02

Step 2. The main economic agents.

There are two main economic agents.

  1. Households - They comprise individuals living in the same house. They provide labor to businesses in exchange for wages and salaries.
  2. Business firms are where goods are produced. They supply goods and services in return for money.

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