<p>&quot;<em>What are some household’s scarce resources and what managing means in this context</em>&quot;</p>
<p>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.</p>
<p>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.</p>
<p>&quot;<em>society’s decisions</em>&quot;</p>
<p>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.</p>
<p><strong>Don't do this</strong></p>
<p>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.</p>

CC BY-SA 4.0
2023-01-31T12:06:46.097Z
2023-01-31T12:06:46.097Z
Giskard
<p>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.</p>

<microeconomics>
How an household manage its scarce resources is related to how an economy manage its scarce resources?
Vinay Sharma
# How an household manage its scarce resources is related to how an economy manage its scarce resources?

(Asked by: username_0 on 2023-01-31)

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.

**Tags:** microeconomics


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## 1 answers

### Answer by username_1 on 2023-01-31. Score: 2

"*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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