Glossary Terms:

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

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

Decision made or course of action taken when faced with a set of alternatives.

Factors that motivate and influence the behavior of individuals and organizations, including firms and government agencies. Prices, profits and losses are important economic incentives in a market economy.

Tangible objects that satisfy economic wants.

Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.

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

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

Use money now to buy goods and services.

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.