Glossary Terms:

Old Business, New Business

Glossary terms from:
http://www.econedlink.org/e64


Brand

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

Business

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

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.

Goods

Tangible objects that satisfy economic wants.

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.

Inventory

An itemized list of goods held by a person or business. Also a quantity of goods held in stock.

Job

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

Occupation

A job or profession; also a category of work, sometimes identified by the degree of skill required.

Product

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

Return

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

Sale

An exchange of goods or services for money.

Services

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

Specialization

A situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.

Trade

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

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.