Glossary Terms:

One of many choices or courses of action that might be taken in a given situation.

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.

To buy and use a good or service.

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

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

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

Tangible objects that satisfy economic wants.

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

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.

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

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

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

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

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

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.