Glossary Terms:

The Mystery of the Voters Who Don't Vote

Glossary terms from:
http://www.econedlink.org/e181


Alternative

One of many choices or courses of action that might be taken in a given situation.

Benefit

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

Choice

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

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.

Decision Making

Reaching a conclusion after considering alternatives and their results.

Economic Systems

The institutional framework of formal and informal rules that a society uses to determine what to produce, how to produce and how to distribute goods and services.

Economics

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

Goods

Tangible objects that satisfy economic wants.

Services

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

Surplus

The situation that results when the quantity supplied of a product exceeds the quantity demanded. Generally happens because the price of the product is above the market equilibrium price.

Trade

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