Glossary Terms:

What Do People Want to Wear?

Glossary terms from:
http://www.econedlink.org/e458


Business

Any activity or organization that produces or exchanges goods or services for a profit.

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.

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Determinants of Demand

Factors other than the price of a good or service that change (shift) the demand schedule, causing consumers to buy more or less at every price. Factors include income, number of consumers, preferences and prices of related goods.

Direct Relationship

The relationship that exists when the values of related variables move in the same direction. Also known as a positive relationship.

Goods

Tangible objects that satisfy economic wants.

Housing

Accommodation in houses, apartments, etc.

Income

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

Interest

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

Job

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

Lend

To grant someone the use of something, on condition that the object borrowed or its equivalent will be returned (often with interest, in the case of money).

Markets

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.

Premium

The fee paid for insurance protection.

Price

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.

Product

A good or service that can be used to satisfy a want.

Production

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

Quantity Demanded

The amount of a good or service people will buy at a given price in a given period of time.

Sale

An exchange of goods or services for money.

Supply

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.

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.