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Essay / Research Paper Abstract
This 3 page paper looks at economic theory and considers the way in which households and individual make their decisions with reference to issues such as choice and utility. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEhoushold.rtf
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Unformatted sample text from the term paper:
where the resources of the household are used in such a way as to maximise their utility. In other words, the family or couple will seek to make purchases which
give them the highest level of desired goods or services. Not all desires or needs can be purchased, so the different needs may need to be balanced to gain the
optimal level. However, in any decision making process regarding a purchase or the use of labour to gain a benefit there will always be personal motivations, as such we can
consider the way in which individuals and households. This theory may be seen as originating with Becker (1976), where he claimed there were three influences on the way the decision
were made by a household, the maximising behaviour along with the market equilibrium And the stable preferences. However the issue of stable preference has now been rejected by Becker
and the model is used not only to explain how decision are made and how non traditional nuclear families may be explained, with the individuals within the household wanting to
maximise their resources. A controversial example may be the situation of a polygamous marriage, where economically this is a maximisation of resources. Under this theory we can look at
an individual and a couple ands argue that here there is the hypothesis that a woman will marry when she believes that the utility as part of a couple
will be greater than her utility as an individual (Becker, 1976). The selection of the mate takes place in the marriage market where different talents are compared. There are the
economies of scale, as seen with meals and the utility bills for two will not be double those of a single person and what they can bring to the relationship,
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