Unit 4 4 th Grade Social Studies Vocabulary

Unit 44th Grade Social Studies

Vocabulary

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no

no

yes

Definition: not enough

scarcity

irrigation

Unlimited wants

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question.

no

yes

no

Definition: There are only certain amounts of resources.

Human resources

Limited resources

mineralsClick here to

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no

yes

no

Definition: There is no end to the number of things people want and need.

scarcity

Unlimited wants

Human resources

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yes

no

no

Definition: workers and their skills.

movement

Unlimited wants

Human resources

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question.

no

yes

no

Definition: Things in nature that people see as useful

Circular Flow

Natural Resources

IncomeClick here to

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yes

no

no

Definition: Things that are used to produce more goods and services

demand

economics

Capital resources

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no

no

yes

Definition: when you make a choice, your opportunity cost is the second thing you want most.

Opportunity cost

economics

Capital resources

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Yes

No

No

Definition: The study of how individuals and societies use their scarce resources to get goods and services

Income

Circular Flow

EconomicsClick here to

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Yes!

NO!

NO!

Definition: A system a society uses to answer the basic economic questions such as what to produce.

Economic

Demand

Economic System

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no

yes

no

Definition: the kind of economic system we have in our country

producer

Market economy

profitClick here to

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no

no

yes

Definition: someone who makes goods or provides services

Producer

Market economy

profitClick here to

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no

no

yes

Definition: someone who buys goods or services

consumer

profit

producerClick here to

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no

yes

No

Definition: money or value gained

Definition

profit

consumerClick here to

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yes

no

no

Definition: consumers’ willingness and ability to purchase a good or service

economic

Capital resources

demandClick here to

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no

yes

no

Definition: the amount of product or service that is available for consumers to buy

economic

supply

demandClick here to

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no

yes

no

Definition: When businesses sell the same good or service

demand

Competition

exchangeClick here to

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yes

no

no

Definition: the consumer is king sinceconsumer decisions determine what is produced

Competition

exchange

Consumer sovereignty

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yes

no

no

Definition: trading goods and services with others for other goods and services or for money

Human resources

Consumer sovereignty

exchangeClick here to

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no

no

yes

Definition: Workers and their skills.

Human resources

exchange

incomeClick here to

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no

yes

no

Definition: Money people earn by working.

Circular flow

income

Human resources

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question.

yes

no

no

Definition: the pattern in which goods and services and resources flow in the marketplace

economic

Capital resources

Circular FlowClick here to

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No!

yes

NO!

Definition: what people pay when they buy a good or service

Substitute goods

price

incentiveClick here to

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NO

YES

NO

Definition: A good that can be used in place of another good.

Incentive

Substitute Goods

PriceClick here to

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yes

no

no

Definition: rewards or penalties used to encourage people behave in predicable ways

consumers

sales

incentiveClick here to

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no

yes

no

Definition: when individuals, regions, and countries produce certain kinds of goods or services

groceries

specialization

Cell phoneClick here to

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Yes!

NO!

NO!

Definition: When the production of a good is broken down into many small jobs, each done by different workers.

Economic System

economic

Division of labor

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question.

yes

no

no

Definition: the amount of goods and services produced

Private goods and services

Public goods and services

productivityClick here to

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NO

No

Yes

Definition: A good that people in one country sell to people in another country

Export

Import

Public goods and services

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question.

no

No

Yes

Definition: a good that people in one country buy from people in another country.

Import

Export

EmployedClick here to

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no

Yes

no

Definition: A person with a job

import

employed

unemployedClick here to

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yes

no

no

Definition: A person who is jobless, looking for a job, and available for work.

Labor Force

employed

unemployedClick here to

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yes

no

no

Definition: people who are working or looking for work

unemployed

employed

Labor forceClick here to

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yes

no

no

Definition: Goods and services that are produced by a government.

productivity

unemployed

Public goods and services

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question.

yes

no

no

Definition: goods and services that are produced privately and sold to consumers

Private goods

sales

Private goods and services

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question.

no

yes

no

Definition: what people pay to a government in exchange for public goods and services

government

taxes

payClick here to

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