Glossary Terms:

One of many choices or courses of action that might be taken in a given situation.

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.

Reaching a conclusion after considering alternatives and their results.

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

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

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

The people in a nation who are aged 16 or over and are employed or actively looking for work.

The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

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).

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.