Turn python script into an installed UNIX command (Mac OS X)

Okay so i have a script i wrote in python. I want to turn this script into an INSTALLED COMMAND to run in terminal.

Right now i run it like this in terminal...

$ python myscriptname.py
or
$ ./myscriptname.py

but i want to be able to run it like this in terminal...

$ myscriptname

is this possible?
I have basic programming knowledge and know all the basic terminal commands. I just want to create my own terminal command that i don't have to be in the same directory as the script is. Can someone tell me how?

You are mostly there. Rename it without suffix and put it in a $PATH directory or its directory in $PATH. Without a suffix, if you later want to do it over in JAVA, C or C++, nobody will know.

Thank you so much! Works great!

Sometimes I maintain my scripts as *.sh in my src dir, and make them by suffix by moving them to my bin with no suffix and with execute permissions, which most CM tool do not set.