Glossary Terms:

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

Trading a good or service directly for another good or service, without using money or credit.

Monetary or non-monetary gain received because of an action taken or a decision made.

A process of examining the advantages (benefits) and disadvantages (costs) of each available alternative in arriving at a decision.

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

The allocation or dividing up of the goods and services a society produces.

Tangible objects that satisfy economic wants.

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as land.

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

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

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.