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I just start with economics and come to know that the word economics comes from a Greek word “oikonomos”, which means the one who manages a household. What are some household’s scarce resources and what managing means in this context? P.S.- Just wanna know how society’s decisions to manage its scarce resources have in common with how household manages its scarce resources.

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"What are some household’s scarce resources and what managing means in this context"

The food in the fridge, the time available for cleaning, the money available to the household to buy goods and services are all scarce resources, unless the household has more of these than they want.

Managing the scarce resources means making plans and decisions about how much of a resource to spend when. E.g.; eat a prepackaged sandwhich for breakfast or for lunch. Spend \$20 on a movie ticket, on a new pair of gloves or put it into a savings account.

"society’s decisions"

An economy also has scarce resources (raw materials, labor, in some contexts budgets), and also has to manage them (what projects to fund, what project to give to the engineer core, etc.). Since the materials and the scope of the management frequently differs from those of the household, comparisons are mostly superficial.

Don't do this

A bad comparison is frequently made between household and governmental budgets. Households cannot make monetary policy and most households' asset ledger is significantly different from that of a government, making these comparisons false analogies at best.

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Recall the fundamental economic problem, which says what to produce, how to grow, and for whom shall this be produced. Management on the other term influences the allocation of these produced goods, and this subject is studied in both households(micro-economics) and the government(macro-economics).

Similarities such as a household leader allocating resources are similar to a Central Bank. Still, the concern here is about how both relations are made to be concise in the two scenarios making an impact on each other. For this, data like Household debt to GDP can be referred, to as an example where the households and governments are both concerned about obtaining an allocative efficiency. An illustrative scenario here is:

A government tends to apply fiscal policy, to create demand in public. As both direct and indirect taxes are lowered, household shifts from basic scarce resources to luxurious demands (which are scarce in nature as well due to limited availability) give rise to inflation. Such inflation burdens foreign exchanges and the excessive demand rises the depletion of government resources, so the government increases direct taxes and the household income again gets limited and learns to properly manage resources, learning to maintain a high disposable income making it feasible to get efficiency in managing resources. This is how household relates to governments in managing resources (the basic proposition in economics is that free goods are not scarce so we ignore such and are not usually involved in the household or governmental management with certain assumed exceptions).

Lastly, you can try relating the accounting equation to such scenario which is: $$ Assets = Capital + Liabilities $$

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