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Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis.
The family was also important because birth, family ties, and local custom determined economic status in communities. [2] They describe the family as a "productive unit" and state that physical strength was an essential element in survival. [2] The family economic unit has always been dependent on specialized labor done by family
Household economics analyses all the decisions made by a household. These analyses are both at the microeconomic and macroeconomic level. This field analyses the structures of households, the behavior of family members, and their broader influence on society, including: household consumption, division of labour within the household, allocation of time to household production, marriage, divorce ...
Consumers often choose not directly from the commodities that they purchase, but from commodities they transform into goods through a household production function. It is these goods that they value. It is these goods that they value.
Bride and family pay for all professional services, including food and decorations. Groom's family pays for the DJ and/or band and liquor. Rings: Bride pays for the grooms ring and the groom pays for the brides ring. That's why it's called the exchanging of rings. Stationary: Brides family pays for invitations, announcements and wedding programs.
Household work strategies vary over the life cycle as household members age, or with the economic environment; they may be imposed by one person, or be decided collectively. [15] Feminism examines how gender roles affect the division of labour in households.
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In its simplest definition, ‘bargaining’ is a socio-economic phenomenon involving two parties, who can cooperate towards the creation of a commonly desirable surplus, over whose distribution the parties are in conflict. [1] Bargaining process within a family is one of the important aspects of family economics. Bargaining also plays a role ...