Economics, 5
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Created by:
lfilson50 Plus on July 21, 2012
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Description:
5th grade vocabulary, List 11
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13 terms
Terms | Definitions |
|---|---|
 opportunity cost | what a person loses by choosing one opportunity over another |
| supply and demand | driving force of economic markets; there must be both a source of a product and a need for it. |
| price | amount of money needed to purchase something |
| price incentive | anything that reduces the cost of an item in order to make it more attractive for consumers |
| specialize | focus on one particular product, activity, or job |
| standard of living | amount of goods and services people can buy with the money they have |
| voluntary exchange | buyer and seller exercise their economic freedom by working out their own terms of trade |
| trade | give something in exchange |
| assembly line | production method that breaks down a complex job into a series of smaller tasks |
| interchangeable parts | uniform pieces that can be made in large quantities to replace other identical pieces |
| mass production | production of large quantities of goods using machinery and often an assembly line |
| goods | products that we use to satisfy our wants and needs |
| consume | use resources or materials |
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