Economics Vocabulary

An urgent or pressing requirement

• supply

• demand

• surplus

• scarcity

Gain resulting from the employment of capital in any transaction

• profit

• income

• cost

• market

A commercial treaty between two or more nations.

• trade agreement

• national treaty

• opportunity cost

To furnish or provide

• demand

• supply

• surplus

• provision

The rivalry offered by a competitor

• company

• competitor

• competition

• market

A person or organization that uses a commodity or service

• commodity

• consumer

• creator

• producer

To bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services

• Import

• Export

• Buy

• Sell

Shortness of supply

• demand

• surplus

• supply

• scarcity

Balance standing to the credit of a depositor at a bank.

• credit

• deficit

• bank account

• opportunity cost

The money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative

• profit

• opportunity cost

• risk

• benefits