Glossary Terms:

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

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

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

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

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

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

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

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 a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.