Posted on 11 December 2017
The household is “the basic residential unit in which economic production, consumption, inheritance, child rearing, and shelter are organized and carried out”; [the household] “may or may not be synonymous with family”. The household is the basic unit of analysis in many social, microeconomic and government models. The term refers to all individuals who live in the same dwelling. In economics, a household is a person or a group of people living in the same residence.