"Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family."
It is the branch of Family Resource Management that examines how families allocate resources to their daily life activities including money, time, and space.
Budgeting: The process of creating a plan to manage income and expenses.
Saving: The process of setting aside money or other resources for later use.
Investing: The process of allocating resources in order to earn a return on the investment.
Debt Management: The process of managing debts in order to reduce interest and pay off debts faster.
Insurance: The process of protecting against potential financial loss through insurance policies.
Homeownership: The process of owning and managing a home, including buying, maintaining, and selling a home.
Retirement Planning: The process of planning and saving for retirement, including setting retirement goals and investments.
Estate Planning: The process of managing and distributing assets after a person's death, including creating wills and trusts.
Family Communication: The process of effectively communicating with family members about financial matters.
Decision-Making: The process of taking action based on available information and considering potential outcomes.
Time Management: The process of managing time effectively in order to achieve personal and financial goals.
Consumer Economics: The study of consumer behavior and decision-making in the marketplace.
Credit Scores: The process of understanding and improving credit scores in order to obtain credit and loans.
Taxes: The process of paying taxes and understanding tax laws and regulations.
Financial Planning: The process of creating a comprehensive plan for managing personal finances and achieving financial goals.
Budgeting: As a basic concept of Family Resource Management, it involves setting up a plan for allocating income and expenses.
Savings: To improve financial stability, making savings a part of Family Resource Management helps in achieving long term financial goals.
Investment: Family Resource Management approach can help in making informed investment decisions that lead to long-term financial growth.
Debt Management: Developing effective debt management strategies is a crucial part of Family Resource Management, to avoid financial stress and build stable credit history.
Retirement Planning: Planning for retirement is a crucial component of Family Resource Management as it involves addressing changes in income and expenses that may arise due to no regular earnings.
Tax Planning: Family Resource Management can help in efficient tax planning by identifying the tax-deductible expenses and reducing the tax burden.
Insurance: Ensuring adequate insurance coverage is part of Family Resource Management, helping with financial protection against unforeseen events.
Estate planning: Estate planning is important in Family Resource Management to ensure the distribution of assets according to the wishes of the individual.
Household Management: It is an essential aspect of Family Resource Management that involves handling daily household operations such as household chores, grocery shopping, and meal planning.
Time Management: Time management is a component of Family Resource Management that involves prioritizing and scheduling daily activities effectively to optimize family productivity.
Human Resource Management: It is a part of Family Resource Management, where managing the relationships of family members become a critical component. It involves understanding their needs, expectations, and finding ways to meet them effectively.
Decision Making: As a decision-making process, Family Resource Management considers the complex interrelationships among family members to be able to make well-thought-out decisions that benefit the family as a whole.
"Important exceptions are Thomas Robert Malthus' model of population growth and Friedrich Engels' pioneering work on the structure of the family."
"Since the 1960s, family economics has developed within mainstream economics, propelled by the new home economics started by Gary Becker, Jacob Mincer, and their students."
"Standard themes include altruism in the family, child health and mortality, family organization, background, and opportunities for children, fertility and the demand for children in developed and developing countries."
"Human capital, social security, and the rise and fall of families."
"Mate selection, search costs, marriage, divorce, and imperfect information."
"Altruism in the family, including the rotten kid theorem."
"Outcomes unique to the family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis."
"Intergenerational mobility and inequality, including the bequest motive."
"Interrelation and trade-off of 'quantity' and 'quality' of children through investment of time and other resources of parents."
"Child health and mortality."
"Macroeconomics of the family."
"Fertility and the demand for children in developed and developing countries."
"Family organization, background, and opportunities for children."
"The decision to have children, fertility, time devoted to domestic production."
"Sexual division of labor, intra-household bargaining, and the household production function."
"Outcomes unique to the family—such as dowry payments using economic analysis."
"Thomas Robert Malthus' model of population growth."
"Human capital, social security, and the rise and fall of families."
"Several surveys, treatises, and handbooks are available on the subject of family economics."