Glossary Terms:

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

Tangible objects that satisfy economic wants.

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

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

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

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

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

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).

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.

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.