Glossary Terms:

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Glossary terms from:
http://www.econedlink.org/e176


Benefit

Monetary or non-monetary gain received because of an action taken or a decision made.

Communism

In theory, an economic system based on a classless society, common ownership of all resources, the complete disappearance of government and income allocated according to need. In practice, communism usually refers to the command economic system in existence in the former Soviet Union before its downfall in 1990-1991, and in other countries such as China and Cuba.

Costs

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

Decision

A conclusion reached after considering alternatives and their results.

Distribution

The allocation or dividing up of the goods and services a society produces.

Goods

Tangible objects that satisfy economic wants.

Money

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.

Price

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.

Return

Earnings from an investment, usually expressed as an annual percentage.

Save

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

Spend

Use money now to buy goods and services.

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.

Workers

People employed to do work, producing goods and services.