Question

    What is the role of households in an economy?

    A Owning economic resources Correct Answer Incorrect Answer
    B Producing services Correct Answer Incorrect Answer
    C Producing goods Correct Answer Incorrect Answer
    D Earning profit Correct Answer Incorrect Answer

    Solution

    Households own all the economic resources in the economy. The economic resources are land, labor, capital, and entrepreneurial ability. Land resources are natural resources. For example, these could be actual land owned by a farmer or other natural resources such as oil, water, and trees.

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