ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Doing something in the home without pay that takes raw materials along with a family member’s skill, experience, knowledge, and household equipment, to produce a useful product or service
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homeowners insurance
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household production
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moral hazard
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policy
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Explanation:
Detailed explanation-1: -Cooking, cleaning, caring for children, shopping, gardening and doing odd jobs around the house are examples of household production. The travel time related to these tasks is counted, too.
Detailed explanation-2: -The type of economic activities-Primary, Secondary and Tertiary.
Detailed explanation-3: -Household production is the production of goods and services by the members of a household, for their own consumption, using their own capital and their own unpaid labor. Goods and services produced by households for their own use include accommodation, meals, clean clothes, and child care.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship.
There is 1 question to complete.