Glossary

Government-issued pieces of metal that have value and are used as money.

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

Trading a good or service for another good or service, or for money.

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

A situation in which people produce a narrower range of goods and services than they consume.

The exchange of goods and services for money or other goods and services.