Glossary Terms:

We are Consumers and Producers

Glossary terms from:
http://www.econedlink.org/e457


Allowance

A sum of money paid regularly to a person, often by a parent to a child; sometimes paid in compensation for services rendered.

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.

Goods

Tangible objects that satisfy economic wants.

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.

Public Goods

Goods, often supplied by the government, for which use by one person does not reduce the quantity of the good available for others to use, and for which consumption cannot be limited to those who pay for the good.

Services

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

Taxes

Compulsory payments to governments by households and businesses.

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.