Glossary Terms:

Wages and Me

Glossary terms from:
http://www.econedlink.org/e305


Demand

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

Derived Demand

Demand resulting from what a good or service can produce, not demand for the good or service itself.

Goal

Something a person or organization plans to achieve in the future; an aim or desired result.

Income

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Labor

The quantity and quality of human effort available to produce goods and services.

Occupation

A job or profession; also a category of work, sometimes identified by the degree of skill required.

Product

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

Productivity

The amount of output (goods and services) produced per unit of input (productive resources) used.

Standard of Living

The level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life.

Supply

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. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).

Wage

Payments for labor services that are directly tied to time worked, or to the number of units of output produced.

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.

Workers

People employed to do work, producing goods and services.