Which economic term refers to making decisions about the use of resources in the production and distribution of goods?

The economic term that refers to making decisions about the use of resources in the production and distribution of goods is "resource allocation." It involves determining how to distribute limited resources among various competing uses to maximize efficiency and meet the needs and wants of consumers. This process is fundamental in both microeconomics, focusing on individual markets, and macroeconomics, which considers the economy as a whole.