Glossary Terms:

Forecasting Economics

Glossary terms from:
http://www.econedlink.org/e1062


Capital

Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.

Capital Resources

Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.

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.

Consume

To buy and use a good or service.

Decision

A conclusion reached after considering alternatives and their results.

Economic Wants

Desires that can be satisfied by consuming a good or service. Economists do not differentiate between wants and needs.

Economics

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

Goods

Tangible objects that satisfy economic wants.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

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.

Wants

Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.

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.