Glossary Terms:

Chevy Volt...It’s Electric!

Glossary terms from:
http://www.econedlink.org/e1018


Alternative

One of many choices or courses of action that might be taken in a given situation.

Check

A written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.

Choice

Decision made or course of action taken when faced with a set of alternatives.

Competition

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

Consumers

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

Cost/Benefit Analysis

A process of examining the advantages (benefits) and disadvantages (costs) of each available alternative in arriving at a decision.

Costs

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Labor

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

Markets

Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.

Money

Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.

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.

Production

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

Purchases

In a credit arrangement, the total amount spent during the billing cycle.

Sale

An exchange of goods or services for money.

Save

To keep money for future use; to divert money from current spending to a savings account or another form of investment.

Spend

Use money now to buy goods and services.

Supply

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

Workers

People employed to do work, producing goods and services.