Glossary Terms:

Hey, Mom! What's for Breakfast?

Glossary terms from:
http://www.econedlink.org/e41


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.

Consume

To buy and use a good or service.

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.

Credit

The opportunity to borrow money or to receive goods or services in return for a promise to pay later.

Economic Wants

Desires that can be satisfied by consuming a good or service. Economists do not differentiate between wants and needs.

Goods

Tangible objects that satisfy economic wants.

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

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.

Producers

People and firms that use resources to make goods and services.

Production

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

Return

Earnings from an investment, usually expressed as an annual percentage.

Services

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

Wants

Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.

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.