Glossary Terms:

Peanuts, Pecans, and Peas, Please

Glossary terms from:
http://www.econedlink.org/e363


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.

Economics

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

Goods

Tangible objects that satisfy economic wants.

Innovation

A new idea or method.

Inventors

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

Land

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.

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.

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.

Services

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

Standard of Living

The level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life.

Technological Changes

Improvements in a firm's ability to produce due to improved processes, methods and machines.