Glossary Terms:

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Glossary terms from:


Tangible objects that satisfy economic wants.


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


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


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


The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).


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


People employed to do work, producing goods and services.