household

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household

a group of individuals whose economic decision-making is interrelated. In economic theory, households perform two roles. On the one hand, they enter the market place as buyers or CONSUMERS of goods and services produced by firms; on the other hand, they provide FACTOR INPUTS to firms in order to produce those goods and services. The term ‘households’ is used primarily in macro- (national income) analysis, while the term ‘consumers’ is used in micro- (supply and demand) analysis. See CIRCULAR FLOW OF NATIONAL INCOME MODEL, PERSONAL SECTOR.
References in periodicals archive ?
poll found one in five British house holds did not have enough cash in their current account to last through April.
The house holds an almost constant temperature, and our electric bills have averaged about $60.
Houses were evacuated during the alert which is the third in six months and is linked to controversy over the fact Thompson House holds sex offenders.