Glossary Terms:

Monetary or non-monetary gain received because of an action taken or a decision made.

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

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

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

One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.

Tangible objects that satisfy economic wants.

The degree of competition in a market, ranging from many buyers and sellers to few or even single buyers or sellers.

Exclusive privilege or control over a service/commodity in a specific market.

A market structure in which there is a single supplier of a good or service. Also, a firm that is the single supplier of a good or service for which there are no close substitutes; also known as a monopolist.

A good or service that can be used to satisfy a want.

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

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

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.