1.Psychological Wants: The wants for those things that are not essential to sustain human life. They include wants for exotic food, fashionable clothing and an air conditioned home.
2.Good: All concrete, visible things that satisfy human wants, can be touched, and last a period of time. Goods include essentials such as bread, and non-essentials such as diamonds.
3.Resources: Those things used to produce goods and services. These include human resources such as the skills and efforts people use in organizing production; capital resources such as factories and machinery; and natural resources such as land and forests.
4.Economics: The study of human activity involved in using scarce resources to satisfy wants.
5.
6.Rent: Payment for the use of a resource specifically land. Most of the time it’s influenced by location and fertility (agriculture). Also known as an excess payment made to or for a factor of production.
7.Income Inequality: The unequal distribution of household or individual income across the various participants in an economy. It is associated with the idea of income fairness. For example, it is generally considered unfair if the rich have disproportionally larger portion of a country’s income compared to their population.
8.The poor: People living in poverty and lacking specific resources or quality. Most of the time they are struggling to meet their basic necessities due to the low income they receive.
9.Minimum Wage: The lowest wage, determined by law or contract that an employer may pay an employee fro a specified job. Most of the time controlled by the government, who enforces ceiling price.
10. Homogenous Oligopoly: A kind of market in which the goods produced by competing companies are so similar as to be virtually identical. For example, steel of a particular kind and quality produced by one company is almost indistinguishable from that of another steel company
11.Oligopoly: A market situation in which a few firms supply most of the goods and/or services. A few large oil companies, for example, supply most of the gasoline we use.
12.Monopoly: A market situation in which there is only one producer of a good or service and many buyers. One producer, for example, usually supplies liquor in Ontario.
13.Competition: Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.
14.Budget: An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person, family, group of people, business, government, country, and multinational organization or just about anything else that makes and spends money.
15.Savings: The portion of the income that is not spent.
16.Consumer credit: A debt that someone incurs for the purpose of purchasing a good or service. This includes purchases made on credit cards, lines of credit and some loans.