Glossary Terms:

Trading a good or service directly for another good or service, without using money or credit.

Monetary or non-monetary gain received because of an action taken or a decision made.

Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.

Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.

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.

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

The money in circulation in any country.

A conclusion reached after considering alternatives and their results.

Reaching a conclusion after considering alternatives and their results.

Trading a good or service for another good or service, or for money.

Something a person or organization plans to achieve in the future; an aim or desired result.

Tangible objects that satisfy economic wants.

The health, education, experience, training, skills and values of people. Also known as human capital.

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.

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.

"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as land.

Certificates of various denominations generally recognized and accepted as a medium of exchange within a nation and elsewhere. Paper money is issued and backed by national governments or, in the case of the euro, by a group of governments.

Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies.

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

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