Glossary Terms:

A conclusion reached after considering alternatives and their results.

The allocation or dividing up of the goods and services a society produces.

Tangible objects that satisfy economic wants.

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

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.