Home economics – Definition, what it is and concept

The domestic economy or family economy is the branch or area of ​​economic science that is responsible for the study of the economy of the home and our community.

Domestic economics, also known as family economics, encompasses a wide range of subjects of study. The home is a unit of management and economic activity. She is a unit that has to do with:

The domestic economy has its home environment. The members of the family, in order 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 have a good education as a consumer. You must then manage in this way nutrition, food preservation, cooking, etc.

Precisely, This is the foundation of this discipline. She intends to give security and stability to the family unit. No wonder, this discipline is also called a family economy The family economy can be carried out at home by the man, woman, children or carry it out together.

What is the importance of the family or household economy?

The importance of the domestic economy for the home is extraordinary.
This is because of the magnitude of knowledge and mastery that you have about the issues handled by the domestic economy, economic stability will depend on and home financing. Wrapping 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 for the fulfilment of good management.

On the subject of budgets, savings techniques, negotiations or investment moves families to seek advice from experts in the field. Although it entails expenses, it can be very favourable in the domestic economy. It is necessary to understand that many are the professionals who dedicate a great part of their life in the deepening of knowledge in this area. Thus becoming true subject matter expert.

From Economipedia, simple and obvious as it may seem, 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.