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.

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.