Glossary Terms:

Chevy Volt... It's Electric!

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


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.


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


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.


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.


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


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


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


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.


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.


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.


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


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


An exchange of goods or services for money.


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


Use money now to buy goods and services.


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. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).


People employed to do work, producing goods and services.