Glosary 1 - Activity 1

Consumer / Consumidor: A consumer is one that buys good for consumption and not for the resale and commercial purpose. The consumer is an individual who pays some amount of money or the thing required to consume goods and services produced. As such, consumers play a vital role in the economic system of a nation.

Services / Servicios: In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the buyer's willingness to make the exchange. Public services are those that society (nation state, fiscal union, region) as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Service is intangible in nature.

Interdependence / Interdependencia: Is the condition of a group of people or things that all depend on each other. Thehe fact of depending on each other.

Taxes / Impuestos: A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent.

Goods / Bienes: In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.

Specialization / Especialización: A particular area of knowledge or the process of becoming an expert in a particular area.

Scarcity / Escasez: Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities.

Producer / Productor: a company, country, or person that provides goods, especially those that are produced by an industrial process or grown or obtained through farming, usually in large amounts.

Income / Ingresos: For households and individuals, "income is the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time." (also known as gross income). Net income is defined as the gross income minus taxes and other deductions, and is usually the basis to calculate how much income tax is owed.

Resources / Recursos: In economics a resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Economics itself has been defined as the study of how society manages and allocates its scarce resources. Classical economics recognizes three categories of resources, also referred to as factors of production: land, labour, and capital. Land includes all natural resources and is viewed as both the site of production and the source of raw materials. Labour or human resources consists of human effort provided in the creation of products, paid in wage. Capital consists of human-made goods or means of production (machinery, buildings, and other infrastructure) used in the production of other goods and services, paid in interest.