Basic Economic Activities: Production, Distribution, and Consumption

Flashcards focused on the core concepts of production, distribution, consumption, and related ideas of satisfaction/utility.

What are the three basic economic activities highlighted in the notes?

Production, Distribution, and Consumption.

In economics, what feeling or benefit does consumption provide to a consumer?

Satisfaction or utility.

What is the economic definition of production?

The process of creating goods or services that have value.

What does distribution refer to in an economic context?

The process of delivering or allocating produced goods and services to consumers or markets.

How is consumption defined in economics?

The act of using goods or services to satisfy personal wants or needs.