Glossary Terms:

Jokes, Quotations, and Cartoons in Economics

Glossary terms from:
http://www.econedlink.org/e954


Benefit

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

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.

Credit

The opportunity to borrow money or to receive goods or services in return for a promise to pay later.

Debt

Money owed to someone else. Also the state or condition of owing money. Can be individual, corporate or government debt.

Economics

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

Labor

The quantity and quality of human effort available to produce 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.