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4 cards from this section. Quick, good the night before a test.
What is production?
Think of activities that create products.
What do we mean by consumption?
Consider what you did with your lunch.
What is defined as the creation of goods and services?
Think about a factory.
True or False: Consumption is the process of allocating income among individuals.
Reflect on what you do when buying something.
If a new technology makes production cheaper, explain how this affects consumption and distribution.
Think about how discounts affect what you buy.
Consider a scenario where a natural disaster affects the distribution network. Analyze its impact on production and exchange of goods.
What would happen to prices if people can't get what they want?
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