Glossary Terms:

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

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.

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

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

Goods and services produced in one nation and sold in other nations.

The increased output resulting from trade; with trade, each individual, region or nation is able to concentrate on producing goods and services that it produces efficiently, while trading to obtain goods and services that it does not produce.

Tangible objects that satisfy economic wants.

Goods and services bought from sellers in another nation.

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.

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

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

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

Use money now to buy goods and services.

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

Trading goods and services with other people because both parties expect to benefit from the trade.

Trading goods and services with other people because both parties expect to benefit from the trade.