Importance of home economics to

individuals, families, and nations

Home economics helps people to maintain their homes and organize their lives. This
term was formerly used to describe female domestic work, but nowadays, the
definition of home economics has been expanded due to the increased influence of
households on the national economy. In this article, we would try to explain the
importance of home economics in the everyday life of Nigerians.

Definition of home economics

From the very beginning, home economics has been a study about the
management of the home, family and community. In layman’s terms, we can use the
term "housekeeping" to describe home economics, which literally means working to
maintain the livelihoods of people living in a house or apartment. Traditionally,
women are mostly the ones who engage in housekeeping, and those women who
do not work outside the home are called housewives. Today, the family’s economy
plays a more important role that is not limited to housekeeping. The family is the
smallest part of society, which is united not only by blood-related and marital ties but
also by economic relations. To satisfy the needs of their homes, families map out
time for domestic work and rest, organize everyday life activities, prepare meals and
set out processes of receiving goods and services.

The mini-economy of the family involves all available resources of this social cell,
especially its properties. The property of the family includes things like:

An apartment

A house and a household plot

A summer residence

A garden plot

Vehicles

Furniture

Money and jewelry

Home economics in households

Nowadays, households are one of the most important subjects of economic

activities. Their results depend not only on the well-being of their single unit, but also
on the whole nation. Just like commercial enterprises and the government,
households participate in all economic processes. Simply put, a household is a unit
that is run by one or more persons living together and having a common budget.
The household unites all employees, owners of material capital, land, securities that
are engaged and not engaged in the production process. A household is a concept
that is broader than the family, and unlike the family, households includes more than
just relatives and can consist of one, two or more members.

In the modern economy, the household plays the main role in the social production
and spread of goods and services. In different historical periods, depending on the
spirit of social relations, the place and role, structure and functions, magnitude and
sustainability, rights and responsibilities, position in society or the socioeconomic
status of the household have changed.

The household economy is a complex phenomenon of human activities that are

constantly changing with time, and it is quite difficult to take the entire spectrum of
phenomena and processes occurring within it into account.

The modern household is characterized by heterogeneity, complexity, dynamism

and processes occurring in it. In the postindustrial society, the character of economic
relations has changed, as well as the role of man in the modern economic system.

Role of home economics in modern life

The connection between home economics and households is obvious. You cannot
run a successful property without some basic skills of householding. Human
activities keep getting more intense and complex, so the main motive for the
development of a household is not the multiplication of wealth, but the desire for
self-expression in the creative activities of each member. Factors of everyday life
such as security, freedom and justice remain most important to them.

The place of households in the expansion of market relations is determined by the

following tips:

Households provide the needed level of consumer demand, without which the
market mechanism would not be functional.

Household savings are a channel of investment which is very important in

developing economies.
Households supply the market with production resources (entrepreneurial ability and
labor). The household is a required factor for product creation and realization of
human capital.

The ability of households to establish a family business contributes not only to the
growth of personal wealth but also to the development of a market economy as a
whole.

Households, just like firms and states, play an important role in the movement of
resources, income and goods. Households are owners of resources that come in
the form of factor services to firms. The payment for resources serves as a material
basis for household incomes and is used to purchase consumer goods and services
created by firms. The movement of resource flows, cash, as well as goods and
services is carried out constantly within households.

Reference: https://www.legit.ng/1135123-importance-home-economics-individuals-families-nations.html