Glossary Terms:

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Glossary terms from:


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.


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.


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


An exchange of goods or services for money.


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.

Standard of Living

The level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life.


The exchange of goods and services for money or other goods and services.


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