Production is the act of creating — shaping materials into values –– goods and services for future consumption.
Markets
Economic Value
The economic value of a good or service is what an individual would exchange for a given good or service.
Economic Actor
The economic actor — the entity that performs all economic decisions and actions — is the individual.
Economics
Economics is the science of production and trade under a division of labor (market) society.
What is the economic system of capitalism?
Economically, when freedom under the rule of law is applied to the sphere of production and trade, its result is the free market in goods, services, relationships, and ideas.