1. Unit 4 4th Grade Social Studies Vocabulary
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2. Definition: not enough
scarcity
yes
irrigation no
Unlimited wants
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3. Definition: There are only certain amounts of resources.
Human resources no
Limited resources
yes
minerals
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4. Click here to go to the next question.
Definition: There is no end to the number of things people want and need.
scarcity no
Unlimited wants
yes
Human resources
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5. Definition: workers and their skills.
movement no
Unlimited wants no
Human resources
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yes

6. Definition: Things in nature that people see as useful
Circular Flow no
Natural Resources
yes
Income
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7. Definition: Things that are used to produce more goods and services
demand no
economics no
Capital resources
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yes

8. Click here to go to the next question.
Definition: when you make a choice, your opportunity cost is the second thing you want most.
Opportunity cost
yes
economics no
Capital resources
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9. Click here to go to the next question.
Definition: The study of how individuals and societies use their scarce resources to get goods and services
Income No
Circular Flow No
Economics
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Yes

10. Click here to go to the next question.
Definition: A system a society uses to answer the basic economic questions such as what to produce.
Economic
NO!
Demand
NO!
Economic System
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Yes!

11. Definition: the kind of economic system we have in our country
producer no
Market economy
yes
profit
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12. Definition: someone who makes goods or provides services
Producer
yes
Market economy no
profit
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13. Definition: someone who buys goods or services
consumer
yes
profit no
producer
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14. Definition: money or value gainedNo
profit
yes
consumer
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15. Click here to go to the next question.
Definition: consumers’ willingness and ability to purchase a good or service
economic no
Capital resources no
demand
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yes

16. Click here to go to the next question.
Definition: the amount of product or service that is available for consumers to buy
economic no
supply
yes
demand
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17. Definition: When businesses sell the same good or service
demand no
Competition
yes
exchange
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18. Click here to go to the next question.
Definition: the consumer is king since consumer decisions determine what is produced
Competition no
exchange no
Consumer sovereignty
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yes

19. Click here to go to the next question.
Definition: trading goods and services with others for other goods and services or for money
Human resources no
Consumer sovereignty no
exchange
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yes

20. Definition: Workers and their skills.
Human resources
yes
exchange no
income
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21. Definition: Money people earn by working.
Circular flow no
income
yes
Human resources
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22. Click here to go to the next question.
Definition: the pattern in which goods and services and resources flow in the marketplace
economic no
Capital resources no
Circular Flow
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yes

23. Definition: what people pay when they buy a good or service
Substitute
goods
NO!
price
yes
incentive
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No!

24. Definition: A good that can be used in place of another good.
Incentive NO
Substitute Goods
YES
Price
Click here to go to the next question. NO

25. Click here to go to the next question.
Definition: rewards or penalties used to encourage people behave in predicable ways
consumers no
sales no
incentive
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yes

26. Click here to go to the next question.
Definition: when individuals, regions, and countries produce certain kinds of goods or services
groceries no
specialization
yes
Cell phone
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27. Click here to go to the next question.
Definition: When the production of a good is broken down into many small jobs, each done by different workers.
Economic System
NO!
economic
NO!
Division of labor
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Yes!

28. Definition: the amount of goods and services produced
Private goods and services no
Public goods and services no
productivity
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yes

29. Public goods and services
Definition: A good that people in one country sell to people in another country
Export
Yes
Import No
Public goods and services
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30. Click here to go to the next question.
Definition: a good that people in one country buy from people in another country.
Import
Yes
Export No
Employed
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31. Definition: A person with a job
import no
employed
Yes
unemployed
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32. Click here to go to the next question.
Definition: A person who is jobless, looking for a job, and available for work.
Labor Force no
employed no
unemployed
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yes

33. Definition: people who are working or looking for work
unemployed no
employed no
Labor force
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yes

34. Definition: Goods and services that are produced by a government.
productivity no
unemployed no
Public goods and services
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yes

35. Private goods and services
Definition: goods and services that are produced privately and sold to consumers
sales no
Private goods no
Private goods and services
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yes

36. Click here to go to the next question.
Definition: what people pay to a government in exchange for public goods and services
government no
taxes
yes
pay
Click here to go to the next question. no