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Commodification is the process of transforming inalienable, free, or gifted things (objects, services, ideas, nature, personal information, people or animals) into commodities, or objects for sale.
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 ...
Family production was not only limited to agricultural products but they also produced manufacturing goods and provided services. [3] In order to sustain a viable family economy during the pre-industrial era, labor was needed. The labor needed to operate the farm and provide old-age support came from family members, fertility was high.
Heritage commodification is the process by which cultural themes and expressions come to be evaluated primarily in terms of their exchange value, specifically within the context of cultural tourism. [1]
Other definitions of commodity include something useful or valued [4] and an alternative term for an economic good or service available for purchase in the market. [5] In such standard works as Alfred Marshall 's Principles of Economics (1920) [ 6 ] and Léon Walras 's Elements of Pure Economics ([1926] 1954) [ 7 ] 'commodity' serves as general ...
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.
An 1880 painting by Jean-Eugène Buland showing a stark contrast in socioeconomic status. Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's access to economic resources and social position in relation to others.
In business literature, commoditization is defined as the process by which goods that have economic value and are distinguishable in terms of attributes (uniqueness or brand) end up becoming simple commodities in the eyes of the market or consumers.