Glossary Terms:

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

A written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.

Decision made or course of action taken when faced with a set of alternatives.

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

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

Protection against economic risks, such as unemployment, accidents on the job, business failures or natural disasters, over which people have little or no control.

The taxing and spending plan of the national government.

Something a person or organization plans to achieve in the future; an aim or desired result.

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

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.

An economic institution that represents an organized group of workers (by industry or by type of worker regardless of the industry) to negotiate with management by means of collective bargaining.

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.

Economic regulation is the prescription of price and output for a specific industry, often a natural monopoly. Social regulation is the prescription of health, safety, performance, environmental, output and job standards across several industries.

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.

People employed to do work, producing goods and services.