Glossary Terms:

A Perfect Pet

Glossary terms from:
http://www.econedlink.org/e468


Economic Wants

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

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.

Purchases

In a credit arrangement, the total amount spent during the billing cycle.

Scarcity

The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies.

Services

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

Wants

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