Glossary Terms:

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Glossary terms from:


A trade name used to identify a product produced by a particular company, distinguishing it from similar products produced by competitors.


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.


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


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


Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.


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.


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.


People and firms that use resources to make goods and services.


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


In a credit arrangement, the total amount spent during the billing cycle.


An abstract measure of the satisfaction consumers derive from consuming goods and services.


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.