Question

The economy begins at home.

Answer 1

• Household finance is related to income and expenditure.
• Every household has unlimited expenditure and the income earned is limited.
• The household has to make a choice regarding how it has to spend its limited resources.
• Management of this limited income to meet the unlimited expenses is Economics.
• As we manage the finance of our family, similarly the villages/cities, states, countries and the whole world needs to have economic management. So we say Economy begins at home.