In order for an economy to be successful, there must be some form of organizatio

Question

In order for an economy to be successful, there must be some form of organization Firms produce products that are marketed and sold. There must be people who desire to purchase and consume the products that are produced by the firms. This group of individuals that consumes the prod jets that are produced m a market economy are known as households. Which of the following is true in a market economy? All households except the very wealthy are constrained by Limited incomes. A household is often the primary production unit in a market economy. A household demands goods and services from Tie market and supplies factor inputs. A household is best represented by a married couple with two cats and a dog.

Explanation / Answer

Ans: All household demands goods and services from the market and supplies factor inputs.

Explanation: The topic circular flow if income explains this concept.

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