When we speak of production, distribution, and consumption as societal responses to the universal problem of scarcity, what is it that gets produced, distributed, and consumed?

Question

Quizplus · Accepted Answer

Goods and services are the tangible and intangible outputs of the production process, and they are what consumers demand and consume. Land and capital are factors of production that contribute to the production of goods and services, but they are not themselves the end products. Similarly, labor and entrepreneurship are inputs into the production process, but they do not define what is produced. Institutions and processes are important for facilitating production, distribution, and consumption, but they are not the actual goods and services that are produced and consumed. Supply and demand are concepts that relate to the economic forces that determine production, distribution, and consumption, but they are not the actual products themselves.

When We Speak of Production, Distribution, and Consumption as Societal