Glossary Terms:

A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.

Money in the form of paper currency or coins (as distinct from checks, money orders or credit).

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

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.

To buy and use a good or service.

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 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.

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

Trading a good or service for another good or service, or for money.

The price of one nation's currency in terms of another nation's currency.

Changes in the expenditures or tax revenues of the federal government, undertaken to promote full employment, price stability and reasonable rates of economic growth.

Tangible objects that satisfy economic wants.

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.

Certificates of various denominations generally recognized and accepted as a medium of exchange within a nation and elsewhere. Paper money is issued and backed by national governments or, in the case of the euro, by a group of governments.

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.

People and firms that use resources to make goods and services.

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

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

Earnings from an investment, usually expressed as an annual percentage.

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

The situation that results when the quantity demanded for a product exceeds the quantity supplied. Generally happens because the price of the product is below the market equilibrium price.

Use money now to buy goods and services.

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

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.