Glossary Terms:

The industry involved with conducting financial transactions. Also, conducting business with a bank, e.g., maintaining a checking or savings account or obtaining a loan.

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

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.

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.

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

Goods and services produced in one nation and sold in other nations.

Tangible objects that satisfy economic wants.

Goods and services bought from sellers in another nation.

Money paid regularly, at a particular rate, for the use of borrowed money.

Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.

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.

A good or service that can be used to satisfy a want.

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

A decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (i.e., six months).

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.

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

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

An ownership share or shares of ownership in a corporation.

A market in which the public trades stock that someone already owns; the buying and selling of stock.

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.

Compulsory payments to governments by households and businesses.

The exchange of goods and services for money or other goods and services.

The number of people without jobs who are actively seeking work.

People employed to do work, producing goods and services.