| A | B |
|---|
| Alternative | One of many choices or courses of action that might be taken in a given situation. |
| Money | 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. |
| Goods | Tangible objects that satisfy economic wants. |
| Services | Activities performed by people, firms or government agencies to satisfy economic wants. |
| Choice | Decision made or course of action taken when faced with a set of alternatives. |
| Taxes | Compulsory payments to governments by households and businesses. |
| Opportunity Cost | The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another. |
| Costs | An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. |
| Income | Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends. |
| Business | Any activity or organization that produces or exchanges goods or services for a profit. |
