Glossary Terms:

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.

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

Spending by all levels of government on goods and services; includes categories like military, schools and roads.

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

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.

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

The money a business receives from customers who buy its goods and services. Not to be confused with profit.

Use money now to buy goods and services.

Compulsory payments to governments by households and businesses.