economics: section 1.1

economics

the study of the choices that individuals and societies make in the production, distribution, and consumption of goods

• production

• distribution

• consumption

fill in the blank

economics is the study of the choices that individuals and societies make in the ________, _________, and _________ of goods

economy

system for the production, distribution, and consumption of goods

common store system

all people shared equally in food, supplies, shelter, etc.

pilgrim’s 2nd economy

they worked for their own benefit; nothing was given for free or without labor