Glossary Terms:

President Obama's Allowance

Glossary terms from:


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


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


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


Payments for goods and services.

Federal Budget

The taxing and spending plan of the national government.


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


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.


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


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.


Use money now to buy goods and services.


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.