Glossary Terms:

A Fair Wage

Glossary terms from:


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.


The money in circulation in any country.


The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.


Stock, both common and preferred. Also, the value of mortgaged property after accounting for charges against it or money owed.


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


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


The quantity and quality of human effort available to produce goods and services.


A job or profession; also a category of work, sometimes identified by the degree of skill required.

Productive Resources

Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.


The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.


The money a business receives from customers who buy its goods and services. Not to be confused with profit.


Payments for labor resources; unlike wages, not explicitly based on the number of hours worked. See also Wages.


A regular payment, often at monthly or biweekly intervals, made by an employer to an employee, especially in the case of professional or white-collar employees. Salaries are paid for services rendered and are not based on hours worked.


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. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).


Payments for labor services that are directly tied to time worked, or to the number of units of output produced.


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.