Final answer:
In economic terms, a 'shortage' defines a situation where demand exceeds supply at the given price, 'secession' is the act of withdrawing from a union, 'social surplus' combines consumer and producer surplus, and a 'substitute' is a good that can be used in place of another.
Step-by-step explanation:
Matching the words with the definitions provided in the context of economics:
- Shortage: A shortage occurs when at the existing price, the quantity demanded exceeds the quantity supplied; also known as excess demand.
- Secession: The act of withdrawing from an alliance or union, which is not directly mentioned in the provided references, but it is the term that fits the definition given.
- Social surplus: This is the sum of consumer surplus and producer surplus; it represents the total benefit to society from the production and consumption of goods and services.
- Substitute: A substitute is a good that can replace another to some extent, so that greater consumption of one good can mean less of the other.