Glossary Terms:

Agent Pincher: The Case of the UFO

Glossary terms from:
http://www.econedlink.org/e605


Bank

A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.

Capital

Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.

Currency

The money in circulation in any country.

Exchange

Trading a good or service for another good or service, or for money.

Exchange Rate

The price of one nation's currency in terms of another nation's currency.

Expenses

Payments for goods and services.

Exports

Goods and services produced in one nation and sold in other nations.

Functions of Money

Money functions as a medium of exchange, a store of value, and also a unit of account.

Goods

Tangible objects that satisfy economic wants.

Imports

Goods and services bought from sellers in another nation.

Interdependence

A situation in which decisions made by one person affect decisions made by other people, or events in one part of the world or sector of the economy affect other parts of the world or other sectors of the economy.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Money

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.

Resources

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

Return

Earnings from an investment, usually expressed as an annual percentage.

Services

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

Trade

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