Glossary Terms:

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

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

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

The money in circulation in any country.

Tangible objects that satisfy economic wants.

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.

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.

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

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