Glossary Terms:

Goods and Services

Glossary terms from:


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. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).


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.