THE ROLE OF HOUSEHOLDS IN THE SOCIO-ECONOMIC LIFE OF THE COUNTRY

Abstract

this research work examines the integral role of households in the socio-economic life of a country. Households are crucial drivers of economic activity, contributing significantly to job creation, poverty alleviation, income distribution, and overall economic stability. By functioning as both consumers and producers, households influence market demands and supply chains, thereby shaping economic trends and outcomes. This study highlights the multifaceted contributions of households, including their role in providing labor, generating savings, and fostering entrepreneurship, particularly in rural areas. The research also explores the impact of households on social capital through education and skill development. Recommendations are provided to enhance the economic contributions of households, such as implementing tax incentives, improving access to financial services, investing in rural infrastructure, and promoting financial literacy.