Glossary Terms:

Lean on Me -- We depend on each other!

Glossary terms from:
http://www.econedlink.org/e446


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.

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.

Division of Labor

An arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line).

Goods

Tangible objects that satisfy economic wants.

Interdependence

A situation in which decisions made by one person affect decisions made by other people, or events in one part of the world or sector of the economy affect other parts of the world or other sectors of the economy.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Labor

The quantity and quality of human effort available to produce goods and services.

Money

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.

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.

Productivity

The amount of output (goods and services) produced per unit of input (productive resources) used.

Save

To keep money for future use; to divert money from current spending to a savings account or another form of investment.

Services

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

Specialization

A situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.

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.

Workers

People employed to do work, producing goods and services.