Most Of Us Produce Very Little For Our Personal Consumption
Individuals specialize in certain functions and trade the result of those efforts for the consumables desired. Hence the "specialization of labor" has evolved as each person specializes and becomes efficient at creating goods and services others highly value.
Because of this, each of us has more than if we were only producing for our own consumption. And, since we are constantly choosing between various alternatives available, those choices provide a direction for production.
So although we are producing some good or service daily this production has little to do with what we ourselves consume. For, if we had to produce all we consume we would have precious little variety from which to choose.
Because of this, each of us has more than if we were only producing for our own consumption. And, since we are constantly choosing between various alternatives available, those choices provide a direction for production.
So although we are producing some good or service daily this production has little to do with what we ourselves consume. For, if we had to produce all we consume we would have precious little variety from which to choose.