TOEFL Vocabulary: Society and economy 40 medium-tier words, each with a short plain-English definition, followed by a quick quiz to check what stuck.
Test Ninjas Research · Updated October 1, 2026
Markets, labor, infrastructure, scarcity and welfare — the general vocabulary of how communities produce and share resources. Expect it in academic passages about cities, work and trade, and in discussion questions about public choices.
Most useful for: Read an Academic Passage · Listen to an Academic Talk · Academic Discussion .
Society and economy is one of the medium themes in our
TOEFL vocabulary list , where you can also find how the tiers work.
The 40 words Society and economy — Medium tier # Word Meaning Tier 1 access the ability to use or reach something Medium 2 allocate to assign resources for a purpose Medium 3 asset a useful resource or item of value Medium 4 consumer a person who uses goods or services Medium 5 community people linked by place or interest Medium 6 competition effort by rivals to gain the same goal Medium 7 cost money or effort required for something Medium 8 demand the amount people want or need Medium 9 diversity the presence of varied kinds or groups Medium 10 economy the system of producing and using resources Medium 11 employment paid work and the state of having it Medium 12 enterprise an organized business or undertaking Medium 13 equity fairness in treatment or access Medium 14 expense money spent to obtain something Medium 15 fund money set aside for a purpose Medium 16 income money received from work or other sources Medium 17 industry businesses producing a type of goods or service Medium 18 infrastructure basic systems that support a society Medium 19 investment resources used now for a hoped-for future gain Medium 20 labor work done to produce goods or services Medium 21 market a system where buyers and sellers exchange goods Medium 22 mobility the ability to move between places or positions Medium 23 network a set of connected people or systems Medium 24 occupation a person's usual kind of work Medium 25 population all members of a group in an area Medium 26 poverty a lack of resources for basic needs Medium 27 production the making of goods or services Medium 28 profit money left after business costs are paid Medium 29 resource something available for use Medium 30 revenue money received by an organization Medium 31 rural related to the countryside Medium 32 scarcity a situation with less supply than desired Medium 33 sector one part of an economy or society Medium 34 standard an accepted level or measure Medium 35 subsidy financial support for an activity Medium 36 supply the amount available for use or sale Medium 37 trade the exchange of goods or services Medium 38 transport the movement of people or goods Medium 39 urban related to a city Medium 40 welfare people's health and material well-being Medium
Self-check: match the meaning Cover the table above. Here are 8 of the 40 society and economy words, starting with access : choose the word each definition describes.
the ability to use or reach something access expense profit subsidy Show answer A. access
effort by rivals to gain the same goal investment competition sector welfare Show answer B. competition
paid work and the state of having it occupation transport employment community Show answer C. employment
money received from work or other sources resource asset economy income Show answer D. income
a system where buyers and sellers exchange goods market standard demand fund Show answer A. market
a lack of resources for basic needs urban poverty equity labor Show answer B. poverty
related to the countryside consumer infrastructure rural population Show answer C. rural
the amount available for use or sale diversity network revenue supply Show answer D. supply
Using society and economy words on the test In Read an Academic Passage, consumer and employment often carry a paragraph's main point, so check how each one connects to the sentence before it. In Listen to an Academic Talk, a speaker may define infrastructure or population on the spot; note the definition, not just the word. In the Academic Discussion, scarcity and urban can make your position precise; use them in a sentence that also gives a reason. Other medium themes
Previous ← Cause, process, and change Next Institutions and policy → Frequently Asked Questions How many words are in the society and economy list? + 40, from access to welfare, all in the medium tier of our TOEFL list. The self-check quiz on this page tests 8 of them, beginning with access.
Where do society and economy words appear on the TOEFL? + Language like this is most useful in Read an Academic Passage, Listen to an Academic Talk and Academic Discussion. These are general academic words worth recognizing quickly and using when they fit.
Which society and economy words should I learn first? + Start with competition (effort by rivals to gain the same goal); income (money received from work or other sources); poverty (a lack of resources for basic needs). In Read an Academic Passage, consumer and employment often carry a paragraph's main point, so check how each one connects to the sentence before it.