Glossary Terms:

The Economics of Voting: What Do You Mean My Vote Doesn't Count?

Glossary terms from:


Using advertisements (public notices, displays or presentations often based on celebrity endorsements, appeals to authority, bandwagon effects and attractive imagery) to promote the sale of goods or services.


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


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.


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


An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.


A conclusion reached after considering alternatives and their results.


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


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


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

Long Run

A period of time long enough for firms to change the quantities of all the resources they use; the exact amount of time varies depending on the industry.


A good or service that can be used to satisfy a want.

Rational Ignorance

A decision not to obtain information about political issues or candidates because the costs of doing so outweigh the benefits.


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

Short Run

A period of time long enough for existing firms to change some--but not all--of the resources they use.


Use money now to buy goods and services.


Compulsory payments to governments by households and businesses.