Glossary Terms:

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

An increase in real output as measured by real GDP or per capita real GDP.

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

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

Tangible objects that satisfy economic wants.

A new idea or method.

Someone who creates or devises a new process, application, machine, or article of application.

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

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

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

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

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

Use money now to buy goods and services.