Glossary Terms:

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

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

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

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.