Unit 4 4th Grade Social Studies Vocabulary Click here to go to begin

Definition: not enough scarcity yes irrigation no Unlimited wants Click here to go to the next question. no

Definition: There are only certain amounts of resources. Human resources no Limited resources yes minerals Click here to go to the next question. no

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 Click here to go to the next question. no

Definition: workers and their skills. movement no Unlimited wants no Human resources Click here to go to the next question. yes

Definition: Things in nature that people see as useful Circular Flow no Natural Resources yes Income Click here to go to the next question. no

Definition: Things that are used to produce more goods and services demand no economics no Capital resources Click here to go to the next question. yes

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 Click here to go to the next question. no

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 Click here to go to the next question. Yes

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 Click here to go to the next question. Yes!

Definition: the kind of economic system we have in our country producer no Market economy yes profit Click here to go to the next question. no

Definition: someone who makes goods or provides services Producer yes Market economy no profit Click here to go to the next question. no

Definition: someone who buys goods or services consumer yes profit no producer Click here to go to the next question. no

Definition: money or value gained No profit yes consumer Click here to go to the next question. no

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 Click here to go to the next question. yes

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 Click here to go to the next question. no

Definition: When businesses sell the same good or service demand no Competition yes exchange Click here to go to the next question. no

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 Click here to go to the next question. yes

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 Click here to go to the next question. yes

Definition: Workers and their skills. Human resources yes exchange no income Click here to go to the next question. no

Definition: Money people earn by working. Circular flow no income yes Human resources Click here to go to the next question. no

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 Click here to go to the next question. yes

Definition: what people pay when they buy a good or service Substitute goods NO! price yes incentive Click here to go to the next question. No!

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

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 Click here to go to the next question. yes

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 Click here to go to the next question. no

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 Click here to go to the next question. Yes!

Definition: the amount of goods and services produced Private goods and services no Public goods and services no productivity Click here to go to the next question. yes

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 Click here to go to the next question. NO

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 Click here to go to the next question. no

Definition: A person with a job import no employed Yes unemployed Click here to go to the next question. no

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 Click here to go to the next question. yes

Definition: people who are working or looking for work unemployed no employed no Labor force Click here to go to the next question. yes

Definition: Goods and services that are produced by a government. productivity no unemployed no Public goods and services Click here to go to the next question. yes

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 Click here to go to the next question. yes

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