Glossary Terms:

President Obama's Allowance

Glossary terms from:
http://www.econedlink.org/e375


Benefit

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

Budget

A spending-and-savings plan, based on estimated income and expenses for an individual or an organization, covering a specific time period.

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.

Expenses

Payments for goods and services.

Federal Budget

The taxing and spending plan of the national government.

Income

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

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.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Revenue

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

Services

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

Spend

Use money now to buy goods and services.

Taxes

Compulsory payments to governments by households and businesses.

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.