Asked by Janecia Britt on Jun 09, 2024
Verified
Household production is more likely to occur when:
A) it requires few specialized resources.
B) technology makes it more costly than market production.
C) tax avoidance is undesirable.
D) less control over the final product is desirable.
E) the opportunity cost of household production is high.
Specialized Resources
Resources uniquely suited or trained to perform specific tasks or functions within an economic system, enhancing efficiency and productivity.
Opportunity Cost
The financial loss associated with rejecting the subsequent optimal choice in any decision-making scenario.
- Examine the significance of household production within the economic framework and the elements that affect it.
Verified Answer
TA
Tyler AdamsJun 12, 2024
Final Answer :
A
Explanation :
Household production is more likely to occur when it requires few specialized resources. This is because households typically do not have access to highly specialized resources and may find it cheaper or more convenient to produce certain goods or services within the household using resources that are readily available.
Learning Objectives
- Examine the significance of household production within the economic framework and the elements that affect it.