4th Grade Social 4th Grade Social Studies Ch. 1: Studies Ch. 1:

Lesson 2-4Lesson 2-4

33rdrd Grade Economics Grade Economics VocabularyVocabulary

Natural ResourcesNatural Resources ScarcityScarcityOpportunity CostOpportunity Cost RegionRegionRenewable ResourcesRenewable Resources EconomyEconomyNon-Renewable ResourcesNon-Renewable Resources

SpecializationSpecializationCapital ResourcesCapital Resources ConservationConservationHuman ResourcesHuman Resources

What do we call the system people use to What do we call the system people use to produce goods and services?produce goods and services?

_______________________________

EconomyEconomy

What do we call the things we use every day What do we call the things we use every day that come from nature such as water, that come from nature such as water,

gasoline, iron, air, and wood?gasoline, iron, air, and wood?

______________________________

Natural ResourcesNatural Resources

What do we call the protection and wise use of What do we call the protection and wise use of natural resources?natural resources?

__________________________

ConservationConservation

What do we call resources that can be What do we call resources that can be replaced or renewed such as wood from trees replaced or renewed such as wood from trees

and fisheries?and fisheries?

_______________________

Renewable ResourcesRenewable Resources

What do we call an area that has one or more What do we call an area that has one or more features in common?features in common?

___________________________

RegionRegion

What do we call resources in nature that What do we call resources in nature that cannot be replaced such as oil, iron ore, and cannot be replaced such as oil, iron ore, and

copper?copper?

___________________________

Non-Renewable Non-Renewable ResourcesResources

What do we call what happens when people What do we call what happens when people make the goods they are best able to produce make the goods they are best able to produce

with the resources they have?with the resources they have?

_________________

SpecializationSpecialization

What do we call a person and the skills he or What do we call a person and the skills he or she brings to a job?she brings to a job?

________________________

Human ResourcesHuman Resources

What do we call a tool, machine, or building What do we call a tool, machine, or building that people use to produce goods and that people use to produce goods and

services?services?

__________________________

Capital ResourcesCapital Resources

What do we call the thing you give up when What do we call the thing you give up when you decide to do or have something else?you decide to do or have something else?

_____________________________________

Opportunity costOpportunity cost

What do we call not having as much of What do we call not having as much of something as people would like?something as people would like?

_______________________

ScarcityScarcity