Glossary Terms:

Money in the form of paper currency or coins (as distinct from checks, money orders or credit).

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

A severe, prolonged economic contraction.

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

A decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (i.e., six months).

To keep money for future use; to divert money from current spending to a savings account or another form of investment.