Glossary Terms:

Taxation without Representation?

Glossary terms from:


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 allocation or dividing up of the goods and services a society produces.


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


Tangible objects that satisfy economic wants.


The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Role of Government

Government activity in establishing a framework or rules of the game in economic life. In the United States, this activity involves preserving and fostering competition, regulating natural monopolies, providing information and services to enable the market to work better, regulating externalities, providing certain public goods, offering some economic security and income redistribution to individuals, assuring a sound monetary system and promoting overall economic stability and growth.


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


Use money now to buy goods and services.


Taxation is the process in which a charge is imposed upon a taxpayer by a state or a legal equivalent of a state.


Compulsory payments to governments by households and businesses.


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.