Glossary Terms:

Banks, Bankers, Banking

Glossary terms from:
http://www.econedlink.org/e358


Bank

A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.

Bank Account

An arrangement by which a bank holds funds on behalf of a depositor. Also, the balance of funds held under such an arrangement, credited to and subject to withdrawal by the depositor.

Banking

The industry involved with conducting financial transactions. Also, conducting business with a bank, e.g., maintaining a checking or savings account or obtaining a loan.

Business

Any activity or organization that produces or exchanges goods or services for a profit.

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.

Choice

Decision made or course of action taken when faced with a set of alternatives.

Coins

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

Deposit

Money put into a financial account. Also, to place money in a financial account.

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

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.

Save

To keep money for future use; to divert money from current spending to a savings account or another form of investment.

Wants

Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.

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.

Workers

People employed to do work, producing goods and services.