Glossary Terms:

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.

Money functions as a medium of exchange, a store of value, and also a unit of account.

Tangible objects that satisfy economic wants.

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.