Glossary Terms:

This Little Piggybank Went to Market

Glossary terms from:
http://www.econedlink.org/e318


Bank

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

Coins

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

Deposit

Money put into a financial account. Also, to place money in a financial account.

Exchange

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

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.

Money

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.

Monopoly

A market structure in which there is a single supplier of a good or service. Also, a firm that is the single supplier of a good or service for which there are no close substitutes; also known as a monopolist.

Return

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

Save

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

Saving

Disposable income (income after taxes) minus consumption spending.

Services

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

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.