Glossary Terms:

Monetary or non-monetary gain received because of an action taken or a decision made.

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

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

Tangible objects that satisfy economic wants.

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

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.

Earnings from an investment, usually expressed as an annual percentage.

The money a business receives from customers who buy its goods and services. Not to be confused with profit.

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

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.