Glossary Terms:

The Changing Face of Money

Glossary terms from:
http://www.econedlink.org/e179


Check

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.

Choice

Decision made or course of action taken when faced with a set of alternatives.

Coins

Government-issued pieces of metal that have value and are used as money.

Credit

The opportunity to borrow money or to receive goods or services in return for a promise to pay later.

Currency

The money in circulation in any country.

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.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Trade

The exchange of goods and services for money or other goods and services.