Glossary Terms:

Marketplace: Economy of Architecture

Glossary terms from:
http://www.econedlink.org/e764


Alternative

One of many choices or courses of action that might be taken in a given situation.

Costs

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

Decision

A conclusion reached after considering alternatives and their results.

Decision Making

Reaching a conclusion after considering alternatives and their results.

Externalities

Economic side-effects or third-party effects, in which some of the benefits or costs associated with the production or consumption of a product affect someone other than the direct producer or consumer of the product. Can be positive or negative.

Financial Risk

The chance that an individual, business or government will not be able to return money invested.

Globalization

Although there is no one precise definition, the term usually refers to the increased flow of trade, people, investment, technology, culture and ideas among countries.

Job

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

Money

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.

Profit

Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.

Real Estate

Property such as land, houses and office buildings.

Trade

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

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.