Economic Vocabulary

Multiple Choice

The act, process or business of buying, selling, or exchanging good and services..

• Economy

• Trade

• Specialization

• Import

Multiple Choice

The amount of something available to be used.

• Consumer

• Demand

• Supply

• Services

Multiple Choice

Things we buy

• Services

• Imports

• Exports

• Goods

Multiple Choice

The desire to buy or use something

• Demand

• Supply

• Imports

• Market Economy

Multiple Choice

one who gives money to a business for goods and services

• consumer

• demand

• import

• export

Multiple Choice

What a certain place or person is an expert in

• Market Economy

• Specialization

• Import

• Export

Multiple Choice

An economy based on supply and demand

• Interdependent Economy

• Comparative Advantage

• Market Economy

• Consumer

Multiple Choice

When different states or countries depend on each other for goods and services

• Market Economy

• Comparative Advantage

• Service

• Interdependent Economy

Multiple Choice

A tax on goods coming into or leaving a country

• Trade

• Tariff

• Consumer

• Goods

Multiple Choice

To bring in another product or service from another country

• Export

• Trade

• Import

• Good

Multiple Choice

To send or sell a product or service to another country

• Import

• Trade

• Export

• Service

Multiple Choice

A place or country that makes products more effectively and efficiently than other places or countries

• Interdependent Economy

• Market Economy

• Comparative Advantage

• Consumers

Multiple Choice

Services that are provided for you

• Goods

• Trade

• Service

• Import