Glossary Terms:

Competition Works in Our Flavor

Glossary terms from:
http://www.econedlink.org/e841


Business

Any activity or organization that produces or exchanges goods or services for a profit.

Check

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.

Competition

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

Consumers

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

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.

Deceptive Practices

Misleading methods used by businesses to sell goods or services. Examples include misleading prices, bait-and-switch tactics and false advertising.

Firms

Economic units that demand productive resources from households and supply goods and services to households and government agencies.

Goods

Tangible objects that satisfy economic wants.

Job

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

Levels of Competition

Various perspectives concerning economic participation that people fall under with regard to competition for resources.

Monopolies

Exclusive privilege or control over a service/commodity in a specific market.

Monopoly

A market structure in which there is a single supplier of a good or service. Also, a firm that is the single supplier of a good or service for which there are no close substitutes; also known as a monopolist.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Producers

People and firms that use resources to make goods and services.

Regulation

Economic regulation is the prescription of price and output for a specific industry, often a natural monopoly. Social regulation is the prescription of health, safety, performance, environmental, output and job standards across several industries.

Sale

An exchange of goods or services for money.

Savings

Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts and certificates of deposit (CDs).

Services

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

Trade

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

Utility

An abstract measure of the satisfaction consumers derive from consuming 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.