Glossary Terms:

Marketplace: Back-to-School Retail

Glossary terms from:
http://www.econedlink.org/e253


Advertising

Using advertisements (public notices, displays or presentations often based on celebrity endorsements, appeals to authority, bandwagon effects and attractive imagery) to promote the sale of goods or services.

Brand

A trade name used to identify a product produced by a particular company, distinguishing it from similar products produced by competitors.

Budget

A spending-and-savings plan, based on estimated income and expenses for an individual or an organization, covering a specific time period.

Choice

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

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.

Costs

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

Economics

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

Interest

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

Money

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.

Product

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

Purchases

In a credit arrangement, the total amount spent during the billing cycle.

Sale

An exchange of goods or services for money.

Spend

Use money now to buy 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.