Economics Vocabulary

Fill in the blank: ______ is the amount of goods or services available.

• Supply

• Demand

• Price

• Revenue

Fill in the blank: ______ is the desire, willingness, and ability to buy a good or service.

• Demand

• Supply

• Production

• Investment

Fill in the blank: ______ are items purchased by a consumer to satisfy needs and wants.

• Goods

• Services

• Taxes

• Loans

Fill in the blank: To send goods or services to another country for sale is called ______.

• Export

• Import

• Barter

• Manufacture

Fill in the blank: To bring a product into a country to be sold is called ______.

• Import

• Export

• Manufacture

• Distribute

Fill in the blank: Not having enough of something is called ______.

• Scarcity

• Abundance

• Sufficiency

• Excess

Fill in the blank: Having more of something than is needed is called ______.

• Surplus

• Deficit

• Shortage

• Lack

Fill in the blank: The using up of something is called ______.

• Consumption

• Production

• Distribution

• Creation

Fill in the blank: Goods and services are produced in better quality, quantity, and speed when people focus on producing a few things instead of making everything they want by themselves. This is called ______.

• Specialization

• Barter

• Inflation

• Consumption

Fill in the blank: The amount of money a business makes (beyond what it costs to run the business) is called ______.

• Profit

• Revenue

• Expense

• Debt