Glossary Terms:

A trade name used to identify a product produced by a particular company, distinguishing it from similar products produced by competitors.

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.

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

A conclusion reached after considering alternatives and their results.

Reaching a conclusion after considering alternatives and their results.

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

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

Tangible objects that satisfy economic wants.

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 second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

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.

Use money now to buy goods and services.

A good or service that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).

A good that can be consumed or used in the place of another good with minimal differences.

Goods or services that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).

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

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.