Glossary Terms:

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Glossary terms from:


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.


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


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.


The money in circulation in any country.


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.


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


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


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


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


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.