Glossary Terms:

The Penny Problem

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.


Government-issued pieces of metal that have value and are used as money.


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


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


To keep money for future use; to divert money from current spending to a savings account or another form of investment.


Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.