Glossary Terms:

San Francisco Area Transit Strike

Glossary terms from:
http://www.econedlink.org/e1


Labor

The quantity and quality of human effort available to produce goods and services.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Substitute

A good or service that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.