Economics vocabulary Quiz

An excess amount of supply of goods or service

• abundance

• scarcity

• supply

• demand

A short supply of goods or service

• abundance

• scarcity

• deposit

• savings

The amount of goods available to be sold is

• demand

• renewable resource

• specialization

• supply

The amount of goods and services that people want to buy

• demand

• supply

• scarcity

• abundance

A natural resource that can be used over and over and not run out.

• nonrenewable resources

• renewable resource

• economic resources

• human resources

A natural resource that cannot be replaced at all or quickly enough.

• nonrenewable resources

• renewable resources

• natural resources

• human resource

To produce one type of good or service

• interdependence

• specialization

• demand

• entrepreneur

Rely on others to get what you need

• business

• independent

• interdependence

• specialization

When people work to sell goods or services for a profit

• business

• deposit

• profit

• competition

To put money into an account

• deposit

• withdraw

• wages

• income