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Chapter 1: Q.13 (page 25)

What are examples of individual economic agents?

Short Answer

Expert verified

Individual workers, consumers, landowners, and enterprises are only a few examples.

Step by step solution

01

Step 1:Definition

Agent:

Individuals who are granted the right or mandate to act or respond to certain concerns on behalf of others or an entity such as a firm, schools, or estates, among others, are referred to as agents. An agent is a person who agrees to act and is legally bound on behalf of a company and has the capacity to do so.

02

Explanation

Individuals or organizations that have an economic impact are known as economic agents. They have the ability to consume, produce, and/or influence capital markets and the overall economy. An economic agent is a decision-maker who buys, sells, and produces in order to influence the economy. Economic actors include households, firms, businesses, and individuals.

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