Question

What are examples of individual economic agents?

Short answer

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

Step-by-step solution

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.

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.