CONSUMPTION, PRODUCTION, SAVING
Repetition is the best way to learn something. So lets take another look at consumption, production, and savings. When you consume you destroy, deplete, dissipate, devour, decrease, reduce, exhaust, use up, the supply of. When you produce you create, cause, provide, make, generate, bring forth, the supply of. When you save you accumulate, accrue, invest, reserve, compile, amass, build up the supply of. Production is the creation of wealth which can either be saved and invested for future production, or depleted or destroyed by present consumption.
PRODUCTION PROCESS
We become wealthier when we produce goods at a rate above what we consume. (more…)
AUSTRIAN ECONOMICS ADDICT 