4th Grade Social Studies Ch. 1: Lesson 2-4
3rd Grade Economics Vocabulary Natural Resources Scarcity Opportunity Cost Region Renewable Resources Economy Non-Renewable Resources Specialization Capital Resources Conservation Human Resources
What do we call the system people use to produce goods and services? _______________________________
Economy
What do we call the things we use every day that come from nature such as water, gasoline, iron, air, and wood? ______________________________
Natural Resources
What do we call the protection and wise use of natural resources? __________________________
Conservation
What do we call resources that can be replaced or renewed such as wood from trees and fisheries? _______________________
Renewable Resources
What do we call an area that has one or more features in common? ___________________________
Region
What do we call resources in nature that cannot be replaced such as oil, iron ore, and copper? ___________________________
Non-Renewable Resources
What do we call what happens when people make the goods they are best able to produce with the resources they have? _________________
Specialization
What do we call a person and the skills he or she brings to a job? ________________________
Human Resources
What do we call a tool, machine, or building that people use to produce goods and services? __________________________
Capital Resources
What do we call the thing you give up when you decide to do or have something else? _____________________________________
Opportunity cost
What do we call not having as much of something as people would like? _______________________
Scarcity