WorksheetsEconomics Vocabulary
Total questions: 20
Worksheet time: 7mins
These are what we must have to survive?
wants
needs
goods
interdependence
Making a good or providing a service.
service
supply
human
producer
When companies or countries rely on each other for resources/ trade.
export
international trade
interdependence
specialization
When a person, company, or country does a job very well.
specialization
good
want
competition
To bring in items or resources.
consumer
import
supply
good
How much you have of a product/ resource.
good
want
competition
supply
When countries around the world trade with each other.
export
international trade
scarcity
capitol
A job giving a haircut, a waiter, or a repair person.
consumer
demand
service
human
We use these products for fun and entertainment.
wants
supply
exports
natural
Buyers of goods or services.
specialization
need
producer
consumer
Resources made and used by people (like a tool).
human
capital
natural
producer
When two or more companies or people make/ sell the same thing.
import
specialization
competition
interdependence
To ship out items/ resources.
producer
needs
goods
export
How many people want a good/ resource.
demand
scarcity
competition
needs
A product people need or want.
want
capitol
good
import
Resources from nature.
human
natural
capitol
supply
Not enough goods/ resources.
import
demand
scarcity
wants
Resources that are people.
human
consumer
specialization
service
What is a Supply Chain?
The final product of manufacture.
resources, people, and factories.
The supplies to make chains
The materials and transportation needed to get a product to the consumer
(Bonus) What was the world's first international trade? (also amazon.com)
Nile Road
Egyptian-Mesopotamian Road
Silk Road
Indus Road
