According to the circular flow model, firms will buy resources from and sell products to households.
A household consists of two or more people living in the same apartment. It can be one family or another type of group of people. The household is the basic unit of analysis in many social, microeconomic and governmental models and is important to economics and heritage.
Household models include families, blended families, shared living, group homes, boarding houses, multi-occupant (UK) and one-room (US) homes. In feudal societies, royal households and wealthy medieval households included servants and other servants. For statistical purposes in the UK, a household is defined as “one person or group of people who have accommodation as their only or main residence. and for the group to either share at least one meal a day or to share living quarters, that is, a living room or sitting room”.
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