Glossary Terms:

Goods and Services

Glossary terms from:
http://www.econedlink.org/e642


Choice

Decision made or course of action taken when faced with a set of alternatives.

Goods

Tangible objects that satisfy economic wants.

Job

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

Producers

People and firms that use resources to make goods and services.

Production

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

Return

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

Services

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

Substitute

A good or service that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).

Supply

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

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.