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III. Vocabulary Reinforcement

A. Vocabulary

1. Match the following nouns with their definitions.

microeconomics, n

the basic things that a person must have in order to survive

macroeconomics, n

buildings, machines, and equipment used in production plus inventories of raw materials, half-finished and finished goods

goods, n

the willingness and ability of producers to offer goods and services for sale

needs, n

all "gifts of nature"- water, forests, minerals- used for production or for direct consumption

consumer, n

the study of large economic systems such as those of a whole country or area of the world

human capital, n

the resources needed to produce goods and services

physical capital, n

the ability to produce things

supply, n

the willingness to buy goods or services and the ability to pay for them

productivity, n

the amount of goods and services that results from the use of land, labour, capital, and entrepreneurship

factors of production, n

the total amount of goods and services produced in the economy during a particular period of time

natural resources, n

someone who buys and uses products and services

demand, n

people’s innate abilities and talents plus their knowledge, skills, and experience that make them economically productive

productive capacity, n

material objects that satisfy people’s wants and needs

output, n

the study of small economic systems that are part of national or international systems

2. Now match the following verbs with their definitions.

distribute

buy and use goods, services, energy, or natural materials

invest

be more than a particular number or amount

anticipate

make goods available to the consumers after they have been produced

consume

buy something or spend money or time on something that will be useful for you

exceed

expect that something will happen and be ready for it

B. Word Families

Complete the chart.

Verb

Adjective

Noun

consumer

excess

product

distribute

limited

divide

analysis

invest

C. Word Groups

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