Economic Production

Economic Production
By C. Seefeldt
Pearson Allyn Bacon Prentice Hall

Closely related to the concept of scarcity is the concept of production. The function of production, to some extent, is to try to meet the unlimited wants of consumers. In a democratic society, people choose the goods and services they consume and produce, although advertising and consumer demand influence both. The concept of exchange of money is related to economic production: consumers use money to purchase goods and services. Children can develop concepts of (1) being a consumer, (2) the function of money, (3) the differences between goods and services, and (4) production.

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