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Unit 4 4 th Grade Social Studies Vocabulary. Click here to go to begin. scarcity. Definition: not enough. yes. irrigation. no. Unlimited wants. Click here to go to the next question. no. Human resources. Definition: There are only certain amounts of resources. no. Limited resources. - PowerPoint PPT Presentation
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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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question.
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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question.
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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question.
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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question.
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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question.
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
go to the next question.
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