4th Grade Social Studies
Ch. 1: Lesson 2-4
rd
3
Grade Economics Vocabulary
Natural Resources
Opportunity Cost
Renewable Resources
Non-Renewable Resources
Capital Resources
Human Resources
Scarcity
Region
Economy
Specialization
Conservation
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