TOEFL Vocabulary: Economics — TOEFL Academic Vocabulary
Economics Five high-utility words with the full apparatus: pronunciation, both definitions, natural + academic examples, collocations, family, mistakes — then a 10-question set quiz.
income /ˈɪnkʌm/ noun B1
Meaning: The money that a person or organization earns or receives regularly.
Academic meaning: The flow of money received by an individual, household, or state over a defined period, typically from labor or capital.
Natural example: Her income doubled when she got the new job.
Academic example: Household income is a strong predictor of access to higher education.
Collocations: income level · a source of income · income tax
Synonyms: earnings, revenue, salary
Antonyms: expenditure, loss
Word family: incomes (plural noun)
⚠ Common mistake: Income is usually uncountable for one person; do not say “an income” when you mean regular earnings.
Register: Neutral; core economics and everyday vocabulary · Usage: Use revenue for a company's total income and earnings for a person's pay from work.
resource /ˈriːsɔːrs/ noun B2
Meaning: Something useful that a person, organization, or country has and can use.
Academic meaning: An available supply of material, financial, or human assets that can be drawn on to achieve an objective.
Natural example: The library is a great resource for students.
Academic example: Growing populations compete for limited resources such as fresh water and farmland.
Collocations: natural resources · limited resources · allocate resources
Synonyms: asset, supply, reserve
Word family: resourceful (adjective) · resources (plural noun)
⚠ Common mistake: Resource is countable: “a valuable resource,” “scarce resources” — not “many resource.”
Register: Neutral–formal; central in economics, management, and science · Usage: In economics, resources include land, labor, and capital, not only raw materials.
consume /kənˈsuːm/ verb B2
Meaning: To use something up, or to eat, drink, or buy and use goods.
Academic meaning: To use up a resource, or to purchase and use goods and services in an economy.
Natural example: This car consumes less fuel than my old one.
Academic example: Industrialized countries consume a disproportionate share of the world's energy.
Collocations: consume energy · consume resources · time-consuming
Synonyms: use up, use, expend
Antonyms: produce, save
Word family: consumer (noun) · consumption (noun) · consuming (adjective)
⚠ Common mistake: Consume is not only about food; it covers using energy, time, and goods of any kind.
Register: Neutral–formal; common in economics and environmental writing · Usage: The related noun consumption describes total usage by households or an economy.
economy /ɪˈkɑːnəmi/ noun B1
Meaning: The system by which a country makes, sells, and uses goods and money.
Academic meaning: The system of production, distribution, and consumption of goods and services within a society or region.
Natural example: The economy grew quickly after the new factories opened.
Academic example: A decline in exports can slow the growth of the entire economy.
Collocations: the global economy · a strong economy · economic growth
Synonyms: market system, financial system, commerce
Word family: economic (adjective) · economical (adjective) · economically (adverb) · economics (noun) · economist (noun)
⚠ Common mistake: Economic means relating to the economy; economical means not wasteful — “an economical car” uses little fuel.
Register: Neutral; everyday and academic use · Usage: Use the economy for a specific country or region; economics is the academic subject.
financial /faɪˈnænʃəl/ adjective B2
Meaning: Related to money and how it is managed.
Academic meaning: Relating to the management, investment, and regulation of money within institutions and markets.
Natural example: The university offers financial help to low-income students.
Academic example: The financial crisis of 2008 spread rapidly through interconnected global markets.
Collocations: financial support · financial problems · financial system
Synonyms: monetary, economic, fiscal
Word family: finance (noun) · finance (verb) · financially (adverb)
⚠ Common mistake: Say financial problems, not “economical problems”; financial is the adjective for money matters.
Register: Neutral–formal; standard in business, news, and academic writing · Usage: Financial modifies money-related nouns: financial aid, financial report, financial risk.