Glossary Terms:

Changes in Change

Glossary terms from:
http://www.econedlink.org/e63


Check

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.

Coins

Government-issued pieces of metal that have value and are used as money.

Competition

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.

Currency

The money in circulation in any country.

Goods

Tangible objects that satisfy economic wants.

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.

Purchases

In a credit arrangement, the total amount spent during the billing cycle.

Return

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

Savings

Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts and certificates of deposit (CDs).

Services

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

Work

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.