Which concept deals with the production and consumption of wealth and products?

The concept that deals with the production and consumption of wealth and products is economics. Economics is fundamentally concerned with how resources are allocated to meet the needs and wants of individuals and societies. It analyzes various aspects such as production methods, distribution of goods, consumption patterns, and the market dynamics that influence how wealth is generated and utilized.

In the context of production, economics examines how different factors of production (land, labor, capital, and entrepreneurship) are combined to create goods and services. It also addresses how these goods and services move through the economy from producers to consumers, and how prices are determined in the marketplace. The balance between production and consumption is crucial for understanding economic health and development.

In contrast, while ethics and morality focus on principles governing right and wrong behavior or the guiding standards for actions, they do not specifically address the production and consumption of economic goods. Functionality relates more to the performance or practical use of a system or product rather than economic principles. Thus, economics is the correct choice for understanding the interplay between wealth production and consumption.