How Is the Family Defined by the U

question 79

Short Answer

How is the family defined by the U.S. census? How does a family differ from a household?

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Definitions:

Consumption

The use of goods and services by households. It includes expenditures on goods and services, except for purchases of new housing.

Depreciation

The process by which physical assets lose value over time due to wear, tear, or obsolescence, affecting their monetary worth on financial statements.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate representation of an economy's size and how it's grown over time.

Economic Welfare

A broad measure that evaluates the standard of living and overall well-being of people within an economy.