1. What is the role of the consumers and household in the Industry?​

The households are the final consumers of goods and services produced by the firms. They create demand in the market and according to their tastes and preferences. The firms produced and supplied goods in the market, as per their demand. Therefore, households determine the production line of a country.

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Consumers. Individuals and households who provide labour to firms and purchase goods and services. Consumers pay income tax on wages and pay indirect taxes on purchases, for example, VAT on goods and services.

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basic principles: federalism, separation of powers, checks and balances, judicial review, representative democracy, limited government, rule of law, individual rights and responsibilities, consent of the governed, majority rule, popular sovereignty, equal protection.