Money is What Money Does
Glossary terms from:
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.
Government-issued pieces of metal that have value and are used as money.
The money in circulation in any country.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Trading a good or service for another good or service, or for money.
Functions of Money
Money functions as a medium of exchange, a store of value, and also a unit of account.
Tangible objects that satisfy economic wants.
Law of Supply
As the price of a good or service that producers are willing and able to offer for sale during a certain period of time period rises (or falls), the quantity of that good or service supplied rises (or falls).
The study of economics concerned with the economy as a whole, involving aggregate demand, aggregate supply, and monetary and fiscal policy.
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.
Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.
In a credit arrangement, the total amount spent during the billing cycle.
The amount of goods and services that a monetary unit of income can buy.
A decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (i.e., six months).
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.
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).