RFES Grade 3 SS Rm 111

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  1. Scarcity
    Occurs when people can't get everything they want
  2. Choices
    A number of things from which to choose
  3. Resources
    Things that can be used to produce a good or a service
  4. Limited Resources
    Not having enough resources to produce all the goods and services that people want
  5. Economic Problems
    Occur when there is not enough of something and people must make choices
  6. Commons
    An area shared by everyone in the community
  7. Opportunity Cost
    The next best (second-best) choice that is given up when a decision (choice) is made
  8. Consumer
    People who buy and use goods and services to meet economic wants
  9. Goods
    Things that people make or grow that satisfy economic wants
  10. Services
    Actions (jobs) that people do for each other
  11. Income
    Money that people earn for their work
  12. Barter
    To trade goods for other goods without using money
  13. Advertisement
    Information that a producer provides about products and services
  14. Media
    Different ways of communicating
  15. Natural Resources
    Gifts of nature that can be used to produce goods and services
  16. Human Resources
    People doing physical or mental work to produce goods or services
  17. Capital Resources
    Goods made by people and used to produce other goods and services
  18. Product
    A good or service made with resources
  19. Producer
    A person who makes or grows something
  20. Production
    The process of making a product, either a good or service
  21. Technology
    Tools, machines, methods,and other things used to perform activities
  22. Invention
    A thing based on a new idea or way of doing things
  23. Phonograph
    A machine that plays sounds that have been saved on flat, grooved records
  24. Equipment
    Special materials or tools that help someone do a job
  25. Improvements
    Better ways of doing things
  26. Breakthroughs
    Important new discoveries that can be used to solve problems
  27. Discoveries
    The act of seeing or finding out something for the first time
  28. Interdependence
    Depending on someone else for goods and services
  29. Specialize
    Do only one kind of job in the production of a good or service
  30. Interdependent
    Depending on each other
Card Set
RFES Grade 3 SS Rm 111
Social Studies Student Vocabulary Words -- Unit 2
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