Glossary Terms:

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

Payments for goods and services.

Tangible objects that satisfy economic wants.

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

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.

Use money now to buy goods and services.

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.

People employed to do work, producing goods and services.