Household Production Is More Likely to Occur When

question 125

Multiple Choice

Household production is more likely to occur when

• A) it requires many specialized resources
• B) technology makes it more costly than market production
• C) tax avoidance is undesirable
• D) less control over the final product is desirable
• E) the opportunity cost of household work is relatively small

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Definitions:

Producer Cooperatives

Businesses owned and operated by the producers and workers, with profits shared among them or reinvested in the cooperative.

Capitalism

An economic system in which capital goods are owned by private individuals or businesses, and the production of goods and services is based on supply and demand in the market.

Skilled Crafts

Professions or trades that require specific training or skills, often involving manual work, such as carpentry, plumbing, or electrical work.

Unskilled Crafts

Jobs or occupations that do not require a specific set of skills or extended training to perform.