Glossary Terms:

Online Mayhem I: Metallica Versus Napster

Glossary terms from:
http://www.econedlink.org/e186


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.

Distribution

The allocation or dividing up of the goods and services a society produces.

Exchange

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

Innovation

A new idea or method.

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.

Principal

An original amount of money invested or lent.

Private Property

A basic institution in a market economy, private property involves the right to exclusive use, legal protection against invaders and the right to transfer property to other. Property rights are defined, enforced and limited through the process of government.

Property Rights

Legal protection for the boundaries and possession of property. Assigning of property rights to individuals, collectives or governments depends on the economic system.

Sale

An exchange of goods or services for money.

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.

Work

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.