the system of how money and goods are made and used

how much of something is available to sell

a place where people buy and sell

the amount of money something costs

physical things that can be bought or sold

a person who buys goods or services

a person or company that makes goods

money spent to make or buy something

money earned after costs are paid

total money received from sales

money or assets used to start or run a business

things we use to make goods or services

buying and selling goods and services

the price of one currency in another

gross domestic product

the total value of goods and services made in a country

selling goods to other countries

buying goods from other countries

the difference between exports and imports

when one company controls a market

businesses trying to do better than others

Basic Economic Terms – English vocabulary

52 words · English vocabulary · Created by Openquiz Team

52 English words with meanings: economy, supply, demand, market, price… Study them with flashcards, quizzes and AI speaking practice on OpenQuiz.

Part of the learning path: English for Business

Word list

economy /ɪ'kɒnəmi/ (noun) — the system of how money and goods are made and used
Example: The country's economy is growing fast.
Synonyms: market system, financial system
supply /sə'plaɪ/ (noun) — how much of something is available to sell
Example: The supply of oil affects global prices.
Synonyms: provision, stock
demand /dɪ'mɑ:nd/ (noun) — how much people want to buy
Example: The demand for electric cars is increasing.
Synonyms: need, request, requirement
market /'mɑ:kɪt/ (noun) — a place where people buy and sell
Example: The stock market opened higher today.
Synonyms: bazaar, exchange, trade center
price /praɪs/ (noun) — the amount of money something costs
Example: The price of housing keeps rising.
Synonyms: cost, charge, fee
goods /ɡʊdz/ (noun) — physical things that can be bought or sold
Example: Shops sell goods to consumers.
Synonyms: products, merchandise
services /'sɜ:vɪsɪz/ (noun) — work done for others
Example: Banks provide financial services.
Synonyms: assistance, help
consumer /kən'sju:mə/ (noun) — a person who buys goods or services
Example: Consumers want better quality products.
Synonyms: buyer, customer
producer /prə'dju:sə/ (noun) — a person or company that makes goods
Example: Producers respond to changes in demand.
Synonyms: manufacturer, maker
cost /kɒst/ (noun) — money spent to make or buy something
Example: The cost of living has gone up.
Synonyms: expense, price
profit /'prɒfɪt/ (noun) — money earned after costs are paid
Example: The company made a big profit last year.
Synonyms: gain, earning, income
revenue /'revənju:/ (noun) — total money received from sales
Example: Tax revenue supports public services.
Synonyms: income, earnings
income /'ɪnkʌm/ (noun) — money a person earns
Example: Her income increased after the promotion.
Synonyms: salary, wage, earning
expense /ɪk'spens/ (noun) — money used to buy things
Example: Travel expenses are paid by the company.
Synonyms: cost, spending
inflation /ɪn'fleɪʃən/ (noun) — when prices go up over time
Example: High inflation reduces the value of money.
Synonyms: price rise, cost increase
deflation /,di:'fleɪʃən/ (noun) — when prices go down over time
Example: Deflation can slow economic growth.
Synonyms: price fall, decrease in prices
interest rate /'ɪntrəst reɪt/ (noun) — the cost of borrowing money
Example: The central bank raised interest rates.
Synonyms: loan rate, percentage rate
investment /ɪn'vestmənt/ (noun) — using money to earn more money
Example: He made an investment in real estate.
Synonyms: funding, spending, venture
capital /'kæpɪtəl/ (noun) — money or assets used to start or run a business
Example: They need more capital to expand.
Synonyms: funds, assets
labor /'leɪbə/ (noun) — people’s work and effort
Example: Labor costs are rising.
Synonyms: workforce, workers
resources /rɪ'sɔ:sɪz/ (noun) — things we use to make goods or services
Example: Natural resources are limited.
Synonyms: materials, assets
scarcity /'skeəsɪti/ (noun) — not enough of something
Example: Water scarcity is a global issue.
Synonyms: shortage, lack
trade /treɪd/ (noun) — buying and selling goods and services
Example: International trade boosts the economy.
Synonyms: commerce, business, exchange
exchange rate /ɪks'tʃeɪndʒ reɪt/ (noun) — the price of one currency in another
Example: The exchange rate affects export prices.
Synonyms: currency rate, forex rate
gross domestic product /ɡrəʊs də'mestɪk 'prɒdʌkt/ (noun) — the total value of goods and services made in a country
Example: GDP measures a country's economic output.
Synonyms: GDP
export /'ekspɔ:t/ (verb) — selling goods to other countries
Example: The country exports rice to many regions.
Synonyms: send abroad, ship out
import /'ɪmpɔ:t/ (verb) — buying goods from other countries
Example: They import luxury goods from Europe.
Synonyms: bring in, buy from abroad
balance of trade /'bæləns əv treɪd/ (noun) — the difference between exports and imports
Example: The country has a positive balance of trade.
monopoly /mə'nɒpəli/ (noun) — when one company controls a market
Example: A monopoly limits competition in the market.
Synonyms: control, domination
competition /,kɒmpə'tɪʃən/ (noun) — businesses trying to do better than others
Example: Competition benefits consumers.
Synonyms: rivalry, contest

…and 22 more words in this set.

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Basic Economic Terms – English vocabulary

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