Intro to Economics (Vocabulary)

What does affect mean?

Example: This medicine affects everyone differently.

• completes

• influences

• sleeps

What does effect mean?

Example: The effects of the medicine were wearing off.

• origin

• cause

• result

What does scarcity mean?

Example: Over-fishing can result in a scarcity of a type of fish.

• too many resources

• not enough resources

• an unknown amount of resources

What does consumer mean?

Example: Food cannot easily be sent straight from farms to consumers.

• a person who uses goods and services

• seller

• fence

What does economy mean?

Example: COVID-19 is affecting many things, especially the economy.

• wasteful

• new

• managing resources

What does supply mean?

Example: A supply chain is a system of people and organizations that work together to get a product (like milk) to a consumer (like you).

• amount of something available at any given time

• wasteful

• social

What does demand mean?

Example: Subway could not keep up with the demand for the $5 foot long.

• seller

• desire to purchase something

• unknown amount

What does distribute mean?

Example: Setting up a system to fairly distribute equipment and supplies is best.

• to divide and deliver

• return to

• demand

What does disruption mean?

Example: By 1925 most countries had recovered from the economic disruptions caused by the Great War of 1914-18.

• a break or interruption

• divide and deliver

• connection

What does concentrated mean?

Example: All of the stores are concentrated on one side of town.

• close together

• far apart

• not enough