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Economics Vocabulary

Total questions: 20

Worksheet time: 7mins

Name
Class
Date
1.

These are what we must have to survive?

a)

wants

b)

needs

c)

goods

d)

interdependence

2.

Making a good or providing a service.

a)

service

b)

supply

c)

human

d)

producer

3.

When companies or countries rely on each other for resources/ trade.

a)

export

b)

international trade

c)

interdependence

d)

specialization

4.

When a person, company, or country does a job very well.

a)

specialization

b)

good

c)

want

d)

competition

5.

To bring in items or resources.

a)

consumer

b)

import

c)

supply

d)

good

6.

How much you have of a product/ resource.

a)

good

b)

want

c)

competition

d)

supply

7.

When countries around the world trade with each other.

a)

export

b)

international trade

c)

scarcity

d)

capitol

8.

A job giving a haircut, a waiter, or a repair person.

a)

consumer

b)

demand

c)

service

d)

human

9.

We use these products for fun and entertainment.

a)

wants

b)

supply

c)

exports

d)

natural

10.

Buyers of goods or services.

a)

specialization

b)

need

c)

producer

d)

consumer

11.

Resources made and used by people (like a tool).

a)

human

b)

capital

c)

natural

d)

producer

12.

When two or more companies or people make/ sell the same thing.

a)

import

b)

specialization

c)

competition

d)

interdependence

13.

To ship out items/ resources.

a)

producer

b)

needs

c)

goods

d)

export

14.

How many people want a good/ resource.

a)

demand

b)

scarcity

c)

competition

d)

needs

15.

A product people need or want.

a)

want

b)

capitol

c)

good

d)

import

16.

Resources from nature.

a)

human

b)

natural

c)

capitol

d)

supply

17.

Not enough goods/ resources.

a)

import

b)

demand

c)

scarcity

d)

wants

18.

Resources that are people.

a)

human

b)

consumer

c)

specialization

d)

service

19.

What is a Supply Chain?

a)

The final product of manufacture.

b)

resources, people, and factories.

c)

The supplies to make chains

d)

The materials and transportation needed to get a product to the consumer

20.

(Bonus) What was the world's first international trade? (also amazon.com)

a)

Nile Road

b)

Egyptian-Mesopotamian Road

c)

Silk Road

d)

Indus Road