Glossary Terms:

What Do You Get for Your $1,818,600,000,000?

Glossary terms from:
http://www.econedlink.org/e319


Check

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.

Economics

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

Government Spending

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

Income

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

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.

Product

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

Revenue

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

Spend

Use money now to buy goods and services.

Taxes

Compulsory payments to governments by households and businesses.