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Social Studies Economics Vocabulary
scarcity—when there’s not enough of something you want; when people want more goods/services than are supplied; lack of goods or services
consumer—a person who buys or uses a good or service
producer—a person who makes a good or provides a service
good—something people want that you can hold or touch; objects that are made from resources
service—work that one person does for another
income—money you earn
interdependence—people depend on each other
productive resources—natural resources, human resources, capital resources, and entrepreneurship
natural resources (land)—things found in nature
capital resources (capital goods) - goods that are used to make other goods or to provide services
human resources (labor) - resources found in people, such as their skills and labor
entrepreneur—a person who starts his/her own business
supply – the amount of a product or service here is to be sold
demand – the need or want that people have for a good or service
production – putting together resources using machines or hands to make a product or a service
competition – what happens when two or more companies produce and sell the same good or service
budget - a plan for using money
Franklin D. and Eleanor Roosevelt Vocabulary
campaign – time in which those running for office try to convince people to vote for them
First Lady – the wife of the President of the United States
governor – person elected head of a state in the United States
human rights – the rights, or freedoms, that all humans deserve to have
immigrant – a person who comes into a country from another country to live
issues – subjects voters make choices about
democracy – a government in which the people have the power to make political decisions
dictatorship – a country in which the ruler has complete power and sometimes rules cruelly
disabled – having a condition that makes it difficult to do something
opponent – someone who runs against a person in an election
public service – work for the good of others, often through a job in government