Grade 3 Social Studies
Student Vocabulary Cards – Unit 2
scarcity
choices
occurs when people can’t get
everything they want
a number of things from
which to choose
U2L1
U2L1
resources
limited resources
things that can be used
to produce a good or a service
not having enough resources to
produce all the goods and services
that people want
U2L1
U2L1
economic problems
commons
occur when there is not enough of
something and people must make
choices
an area shared by everyone in the
community
U2L1
U2L2
opportunity cost
consumer
the next best (second-best)
choice that is given up when a
decision (choice) is made
people who buy and use goods
and services to meet
economic wants
U2L3
U2L5
1
Grade 3 Social Studies
Student Vocabulary Cards – Unit 2
goods
services
actions (jobs) that people
do for each other
things that people make or grow
that satisfy economic wants
U2L5
U2L5
income
barter
money that people earn
for their work
to trade goods for other goods
without using money
U2L5
U2L6
advertisement
media
information that a producer
provides about products and
services
different ways of communicating
U2L7
U2L7
natural resources
human resources
gifts of nature that can
be used to produce goods
and services
people doing physical or mental
work to produce goods or services
U2L8
U2L8
2
Grade 3 Social Studies
Student Vocabulary Cards – Unit 2
capital resources
product
goods made by people and used to
produce other goods and services
a good or service made with
resources
U2L8
U2L8
producer
production
a person who makes
or grows something
the process of making a product,
either a good or a service
U2L8
U2L8
technology
invention
tools, machines, methods, and
other things used to perform
activities
a thing based on a new idea or way
of doing things
U2L10
U2L10
phonograph
equipment
a machine that plays sounds that
have been saved on flat, grooved
records
special materials or tools that help
someone do a job
U2L10
U2L10
3
Grade 3 Social Studies
Student Vocabulary Cards – Unit 2
improvements
breakthroughs
better ways of doing things
important new discoveries that
can be used to solve problems
U210
U2L10
discoveries
interdependence
the act of seeing or finding out
something for the first time
depending on someone else for
goods or services
U2L10
U2L11
specialize
interdependent
do only one kind of job in the
production of a good or service
depending on each other
U2L11
U2L11
4