Glossary terms from:
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.
Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
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.
To buy and use a good or service.
A conclusion reached after considering alternatives and their results.
Desires that can be satisfied by consuming a good or service. Economists do not differentiate between wants and needs.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
Tangible objects that satisfy economic wants.
A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
Activities performed by people, firms or government agencies to satisfy economic wants.
Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.
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.