ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person / group of people that share their income.
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An organization that produces goods / services for sale.
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The way total income is divided among owners of various factors of production.
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Cost that’s already been incurred & can’t be recovered.
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Detailed explanation-1: -A household refers to a social unit of people who live together under one roof and share resources, even if they are not related to each other.
Detailed explanation-2: -A household is a group of people who live together and share money (even if they are not related to each other). If you live together and share money, you are one household. If you live together and don’t share money, you are 2+ households. One Household Examples.
Detailed explanation-3: -A group of two or more related or unrelated people who usually reside in the same dwelling, and who make common provision for food or other essentials for living; or a single person living in a dwelling who makes provision for his or her own food and other essentials for living, without combining with any other person.
Detailed explanation-4: -Household types include: one-person households, households made up of a couple without children, households made up of a couple and children, lone-parent households, and households including extended family. The definition of each of these types of household is detailed below.
Detailed explanation-5: -Median household income is the income cut-off where half of the households earn more, and half earn less. Average Household Income: Average (or mean) household income on the other hand is calculated by dividing the total household income in the target geography by the number of households.