Glossary Terms:

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Glossary terms from:
http://www.econedlink.org/e361


Bank

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

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.

Choice

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

Deposit

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

Goods

Tangible objects that satisfy economic wants.

Interest

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

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.

Saving

Disposable income (income after taxes) minus consumption spending.

Savings

Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts and certificates of deposit (CDs).

Savings Account

An interest-bearing account (passbook or statement) at a financial institution.

Services

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

Withdrawal

The removal of money by a depositor from a financial account.

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.