Question

There are two standard ways of measuring the value of household production; what are they?

Answer 1

Ans

Household production

production is the production of goods and services by the members of a household, for their own consumption, using their own capital and their own unpaid labor. Housefull production is used for personal use or consumption. The GDP measures the market value of the goods and services a nation produces. The lack of reliable data influenced the decision to leave household production out of GDP in the internationally accepted guidelines for national accounting

Quantification is the determination of the volume of household production. The volume is characterised by the time invested on productive household activities. Information on the expended time can be gained from time use surveys. Thereto, activities dedicated to household production need to be defined primarily. This is done by the application of the third party criterion.

The module of monetary valuation presents the assignment of a monetary value to the measured volume. This necessarily has to be done to obtain a conceivable measure of household production. The labour input is valued at market prices. The- reto, adequate wages are imputed the.performed activities. That way, the labour costs of a common market production process were imitated and fictitious personnel costs are computed to the household production process

Procedural method

1)Analysis of the quantitative module

2) Analysis of the module on a value basis

3) Value of household production

It is a set of assumptions, concepts, values, and practices that constitutes a way of viewing reality for the community that shares them, especially in an intellectual discipline .

Quantitative module

overall aim of this module is to introduce candidates to the techniques of quantitative research and to discuss issues relating to quantitative research design, implementation, and quantitative data analysis.

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