Economics is the science of production and trade under a division of labor (market) society.
A value is something one acts to gain and keep.
Production is the act of creating — shaping materials into values –– goods and services for future consumption.
Consumption is the act of consuming or using (up) values.
Wealth is a material good that has value to human life.
In a division of labor society, individuals create values for future trade as opposed to self-consumption.
Trade is the act of voluntarily exchanging one value for another. (Theft is when the value is exchanged involuntarily).
Barter is where a good/service is exchanged directly for another good/service for consumption, i.e., not for further trade.
The price of a good or service are the values it is exchanged for.
Money is an asset used in a division of labor society as a medium for indirect exchange.
The money price of a good/service is what it is exchanged for in terms of money.
A market is where buyers (sellers) freely compete with other buyers (sellers) to trade money (goods/services) with other sellers (buyers).
Market competition between sellers for buyer’s money, and between buyers for seller’s goods/services results in cooperation between buyers and sellers when a trade is made.
A business (enterprise) is an organization that creates products/services to sell on the market with the goal of making a profit for its owners.
A business makes a profit/loss when its revenues (sales) are more/less than its costs (expenses).
The profits from the business can be either spent on consumption or saved and reinvested. Savings is wealth that is not consumed.
Capital is savings from production reinvested in an industry to produce wealth.
Capital goods are those goods used to increase the productivity of labor.
A capitalist is someone who invests capital in a business concern in the hopes of earning a profit.
A corporation (trust) is a business operates under a condition of limited liability in regard to its shareholders.