Household Production and the Household Economy
Household production is the production of the goods and services by the members of a household, for their own consumption, using their own capital and their own unpaid labor. Goods and services produced by households for their own use include accommodation, meals, clean clothes, and child care. The process of household production involves the transformation of purchased intermediate commodities into final consumption commodities. Households use their own capital and their own labor.
|Date of creation:||2000|
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