Glossary Terms:

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

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.

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

Reaching a conclusion after considering alternatives and their results.

Trading a good or service for another good or service, or for money.

Tangible objects that satisfy economic wants.

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.

The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

Use money now to buy goods and services.

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.