Asked by Blade McKee on May 05, 2024
Verified
The consuming units in an economy are known as
A) firms.
B) entrepreneurs.
C) households.
D) factors.
Consuming Units
Entities, typically individuals or households, that use goods and services for personal needs or wants.
Households
The consuming units in an economy.
- Distinguish between households and firms within an economic framework.
Verified Answer
SS
Shamsher SinghMay 11, 2024
Final Answer :
C
Explanation :
Households are considered the consuming units in an economy because they consume goods and services produced by firms.
Learning Objectives
- Distinguish between households and firms within an economic framework.