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.

Any activity or organization that produces or exchanges goods or services for a profit.

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

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

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

Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.

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

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.

People and firms that use resources to make goods and services.

Economic regulation is the prescription of price and output for a specific industry, often a natural monopoly. Social regulation is the prescription of health, safety, performance, environmental, output and job standards across several industries.

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

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.

Taxation is the process in which a charge is imposed upon a taxpayer by a state or a legal equivalent of a state.

Compulsory payments to governments by households and businesses.

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.