Final answer:
Housing expenditures are included in personal expenses.
The answer is option ⇒1) Personal expenses
Step-by-step explanation:
This means that individuals, specifically households, are responsible for spending on residential structures such as single-family homes, townhouses, and apartment buildings.
1. Definition of personal expenses:
- Personal expenses are the costs incurred by individuals or households for their daily living and personal needs.
- These expenses can include various categories such as housing, transportation, groceries, healthcare, entertainment, and more.
2. Inclusion of housing expenditures:
- Housing expenditures are a vital part of personal expenses as they involve the costs related to one's living arrangements.
- This includes expenses for renting or owning residential structures like houses, apartments, or condominiums.
- Housing expenses can encompass rent or mortgage payments, property taxes, insurance, utilities, maintenance, and repairs.
The answer is option ⇒1) Personal expenses