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Chapter 1: Q 16. (page 25)

Are households primarily buyers or sellers in the goods and services market? In the labor market?

Short Answer

Expert verified

Households are primarily buyers in the goods and services market and sellers in the labor market.

Step by step solution

01

Step 1. Households meaning.

In economic sense, household refers to an individual or group of individuals live together. They are not necessarily meant to be a family in the traditional sense.

02

Step 2. Households and goods and services market.

Households are primarily buyers in the goods and services market. They buy goods and services in exchange for money. This money spent on goods and services for consumption purpose is referred to as consumption spending.

03

Step 3. Households and labor market.

Households are primarily sellers in the labor market. The labor market is a market where workers interact with manufacturers and producers who sell goods and services. They provide labor to the firms in exchange for salary and wages which helps them to buy goods and services.

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