Glossary Terms:

Fad or Fortune

Glossary terms from:


A conclusion reached after considering alternatives and their results.


The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.


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


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 amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.


Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.


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


The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).


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


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.