Search Council for Economic Education's full glossary for terms and definitions

H

Products (goods or services) that are differentiated by real or imagined differences in quality or other features, such as color, taste, styling, warranties or complimentary services provided to those who buy the products.

Products (goods or services) that are identical, with no differentiating features.

A combination formed when two businesses producing the same goods or services merge.

Individuals and family units that buy goods and services (as consumers) and sell or rent productive resources (as resource owners).

Accommodation in houses, apartments, etc.

The health, education, experience, training, skills and values of people. Also known as human resources.

Investment of time, effort and resources in education and training--to increase one's own knowledge, skills, health, etc., or to develop those assets in others.

The health, education, experience, training, skills and values of people. Also known as human capital.

A very rapid rise in the overall price level.