Glossary Terms:

Laura Ingalls Wilder's Frontier Town

Glossary terms from:
http://www.econedlink.org/e384


Business

Any activity or organization that produces or exchanges goods or services for a profit.

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.

Goods

Tangible objects that satisfy economic wants.

Markets

Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Services

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