GMAT Vocabulary

#301

market

Noun

Example sentences

1. The company entered a new market in Asia.
2. There is a growing market for electric cars.
3. The farmers sell fresh food at the local market.

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#302

demand

Noun

Example sentences

1. Demand for clean energy is increasing.
2. The shop could not meet customer demand.
3. High demand caused prices to rise.

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#303

supply

Noun

Example sentences

1. The storm reduced the supply of fresh vegetables.
2. The company increased supply to meet demand.
3. Our water supply is limited.

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#304

equilibrium

Noun

Example sentences

1. The market reached equilibrium when supply matched demand.
2. The body tries to maintain a natural equilibrium.
3. A change in price can disturb market equilibrium.

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#305

scarcity

Noun

Example sentences

1. Water scarcity is a serious problem in dry regions.
2. Scarcity often causes prices to rise.
3. The country is dealing with a scarcity of skilled workers.

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#306

surplus

Noun

Example sentences

1. The farm produced a surplus of wheat.
2. The government used the budget surplus to repay debt.
3. The store sold its surplus goods at a discount.

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#307

shortage

Noun

Example sentences

1. The hospital faces a shortage of nurses.
2. A fuel shortage caused long lines.
3. The company acted quickly to prevent a supply shortage.

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#308

commodity

Noun

Example sentences

1. Oil is an important global commodity.
2. The price of this commodity changes daily.
3. Coffee became a valuable export commodity.

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#309

consumer

Noun

Example sentences

1. The consumer wants good quality at a fair price.
2. The law protects every consumer from false advertising.
3. Consumer confidence increased this month.

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#310

producer

Noun

Example sentences

1. The country is a major producer of coffee.
2. The producer lowered costs by using new machines.
3. Each producer must meet the safety standard.

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#311

competitor

Noun

Example sentences

1. Our main competitor launched a cheaper product.
2. The company studies every competitor carefully.
3. A new competitor entered the market.

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#312

monopoly

Noun

Example sentences

1. The company had a monopoly on local electricity supply.
2. A monopoly can reduce competition.
3. The government broke up the monopoly.

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#313

oligopoly

Noun

Example sentences

1. The industry is an oligopoly controlled by four large firms.
2. Prices may remain high in an oligopoly.
3. An oligopoly has only a few major sellers.

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#314

competition

Noun

Example sentences

1. Strong competition can lower prices.
2. The two teams are in close competition.
3. The company improved its service because of competition.

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#315

substitute

Noun

Example sentences

1. Tea can be a substitute for coffee.
2. There is no perfect substitute for clean water.
3. Customers chose a cheaper substitute.

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#316

complement

Noun

Example sentences

1. A fresh salad is a good complement to the meal.
2. The two products complement each other.
3. Her skills complement those of the other team members.

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#317

elasticity

Noun

Example sentences

1. Price elasticity shows how demand changes when price changes.
2. The company studied the elasticity of demand for its product.
3. Luxury goods often have higher demand elasticity.

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#318

utility

Noun

Example sentences

1. The new tool has great utility for small businesses.
2. Economists use utility to describe the value people receive.
3. The room's utility is limited by its small size.

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#319

revenue

Noun

Example sentences

1. The company increased its revenue by ten percent.
2. Ticket sales are the museum's main source of revenue.
3. Lower demand caused revenue to fall.

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#320

profit

Noun

Example sentences

1. The shop made a small profit this month.
2. The company sold the product at a profit.
3. Higher costs reduced the firm's profit.

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