Domestic economy

economic-dictionary

Home economics or family economics is the branch or area of ‚Äč‚Äčeconomic science that is responsible for the study of the economy of the home and our community.

Home economics, also known as family economics, encompasses a broad field of study topics. The home is a unit of management and economic activity. She is a unit that has to do with:

  • Expenses.
  • Consumption.
  • Investment.
  • Saving.

The domestic economy has its operating environment in the home. Family members, to achieve good management in each of these aspects, have to achieve a good knowledge base in each of these aspects. Thus, for example, for consumption it is necessary to understand that the family must achieve a good education as a consumer. You must then handle nutrition, food preservation, cooking, etc. in this way.

This is precisely the foundation of this discipline. She aims to give security and stability to the family unit. With good reason, this discipline is also known as family economics. The family economy can be carried out in the home by the man, the woman, children or carried out all together.

What is the importance of the family or domestic economy?

The importance of home economics for the home is extraordinary. This is so because of the magnitude of knowledge and mastery that is had on the subjects that the domestic economy handles, the economic and financial stability of the home will depend. Involving all this the quality of life of the family within the community.

The magnitude of the domestic economy

At first glance it might seem, perhaps because of the daily environment in which the domestic economy develops, that this is a simple management. However, this is not so. As we have said, the topics covered by this discipline are quite broad. This can make it difficult to carry out good management.

On the subject of budgets, savings techniques, negotiations or investment, it encourages families to seek advice from experts in the field. Although it entails expenses, it can be very favorable in the domestic economy. It must be understood that there are many professionals who dedicate a large part of their lives in the deepening of knowledge in this area. Thus becoming a true expert on the subject.

From Economipedia, as simple and obvious as it may seem, that it is advisable to make a budget, plan income and expenses or take into account possible extraordinary expenses not usually contemplated. It is also important to save, have a financial cushion and invest adapting to each case to make the savings profitable and protect against inflation.

Tags:  opinion administration economic-analysis 

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