Final answer:
Economic production is the term that describes the profit-seeking activities producing goods and services in society, driven by market competition and the incentive of profits leading to business expansion and the entry of new firms.
Step-by-step explanation:
The profit-seeking activities that produce the goods and services needed by society are collectively called economic production. In a competitive market, these activities are driven by the incentive to earn profits, prompting businesses to innovate, expand, and continuously improve their offerings. When businesses earn profits, they may choose to expand factories or build new ones, and new firms might be motivated to start production. This process of new firms entering the market is known as entry. Over time, the economy adjusts through the mechanisms of demand and supply, determining what is produced, how it is produced, and for whom it is produced.