Glossary Terms:

To Market To Market

Glossary terms from:
http://www.econedlink.org/e357


Cash

Money in the form of paper currency or coins (as distinct from checks, money orders or credit).

Coins

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

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.

Costs

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

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Financial Planning

Setting short-, medium- and long-range goals; then collecting and analyzing income and expenditure information to determine how to meet one's goals.

Goods

Tangible objects that satisfy economic wants.

Incentive

Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.

Market Economy

An economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers, all of them pursuing their own self-interest.

Markets

Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.

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.

Price

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.

Producers

People and firms that use resources to make goods and services.

Product

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

Purchases

In a credit arrangement, the total amount spent during the billing cycle.

Sale

An exchange of goods or services for money.

Spend

Use money now to buy goods and services.

Supply

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

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.