Which term relates to the production and consumption of goods and services?

The term that relates to the production and consumption of goods and services is economics. Economics is a social science that studies how individuals, businesses, and governments allocate resources to satisfy their needs and wants. It encompasses various aspects, including the creation of goods and services (production) and the process through which these goods and services are bought and sold (consumption).

Understanding economics is crucial for analyzing the effects of various factors on resource distribution and consumer behavior within a society. It provides insights into market dynamics, consumer choices, and the role of government in regulating economic activities. This foundational knowledge helps individuals and families make informed decisions about spending and saving.

While ethics pertains to moral principles guiding individual or group behavior and civics focuses on the rights and duties of citizenship, commerce specifically refers to the activities involved in buying and selling, which is a component of economic activity but is more narrowly defined. Therefore, economics is the broader term that accurately encompasses both the production and consumption aspects of goods and services.