Glossary Terms:

Marketplace: Real(ity) Estate

Glossary terms from:
http://www.econedlink.org/e371


Advertising

Using advertisements (public notices, displays or presentations often based on celebrity endorsements, appeals to authority, bandwagon effects and attractive imagery) to promote the sale of goods or services.

Alternative

One of many choices or courses of action that might be taken in a given situation.

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.

Competition

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

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.

Decision

A conclusion reached after considering alternatives and their results.

Decision Making

Reaching a conclusion after considering alternatives and their results.

Economics

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

Housing

Accommodation in houses, apartments, etc.

Job

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

Opportunity Cost

The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

Product

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