FIFTH GRADE ECONOMICS VOCABULARY

The benefit missed when an investor, individual or business chooses one alternative over another

• Loss
• Profit
• Opportunity Cost
• Monopoly

What term describes the willingness and ability to purchase a good or service?

• Demand
• Cost
• Supply
• Market

What is something manufactured or made for sale?

• market
• purchase
• product
• selection

What term describes work done for others, or activities performed for people to meet a demand, such as cleaning or repairing?

• good
• labor
• service
• payroll

What term describes the amount of goods or services producers are willing to provide?

• supply
• demand
• stock
• market

Investors, individuals, and businesses have choices and choose one alternative over another one. What term describes the alternatives that are NOT chosen?

• Loss
• Profit
• Opportunity Cost
• Monopoly

What is an economy centered on the production, consumption, trade, and sale of agricultural products, including plants and livestock?

• laboratory economy
• agrarian economy
• factory economy
• industrial economy