A household consists of people living together (usually a family) who share a budget, manage a home, and provide themselves with everything necessary for life. It is the smallest but most important unit of the economy. 2. The Main Goal
Mandatory: Housing bills (rent/electricity), food, medicine, transport. Discretionary: Entertainment, luxury items, or vacations.
Income should ideally be greater than expenses to create savings . 5. Labor in the Home
When family members split tasks based on age or ability.
Unlike a professional job, household labor is usually unpaid but essential. It involves:
A "thrifty" (economical) household involves planning. This means avoiding impulsive purchases, caring for belongings so they last longer, and saving energy/water.
The time and effort family members put into cleaning, cooking, and repairs. 4. The Family Budget The budget is the balance between Income and Expenses :
The house/apartment, furniture, appliances, and tools. Financial: Cash, bank savings, and digital money.