Glossary Terms:

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


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.


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


Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.


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


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.