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5th grade vocabulary, List 11

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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