A spending-and-savings plan, based on estimated income and expenses for an individual or an organization, covering a specific time period.

Decision made or course of action taken when faced with a set of alternatives.

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.

Reaching a conclusion after considering alternatives and their results.

Tangible objects that satisfy economic wants.

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.

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

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

The giving up of one benefit or advantage in order to gain another regarded as more favorable.