Glossary Terms:

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.

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

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

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.

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.