National Parks: Only You Can Prevent the Coming Crisis
Glossary terms from:
A spending-and-savings plan, based on estimated income and expenses for an individual or an organization, covering a specific time period.
Any activity or organization that produces or exchanges goods or services for a profit.
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.
Decision made or course of action taken when faced with a set of alternatives.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
A conclusion reached after considering alternatives and their results.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
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.
Payments for goods and services.
Tangible objects that satisfy economic wants.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.
Law of Demand
As the price of a good or service rises (or falls), the quantity of that good or service that people are willing and able to buy during a certain period of time falls (or rises).
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.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as land.
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.
The amount of a good or service people will buy at a given price in a given period of time.
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.
A good or service that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).
Compulsory payments to governments by households and businesses.