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Social Studies (4th)

Social Studies Chapter 3 Vocab (4th)

TermDefinition
Technology Development and use of scientific knowledge to solve practical problems
Rural In small towns or farms
Urban In the city
Need Something that a person must have in order to live
Want Something that a person would like to have but can live without
Barter Trading one kind of good or service for another
Producer Person who makes goods or products to sell
Consumer Person who buys goods and services
Economy The way in which the resources of a country, state, region or community are managed
Free Enterprise System System in which businesses have the right to produce any good or provide any service that they want
Profit Money left over after costs are paid
Supply Amount of an item someone has to sell
Demand Amount of an item that consumers are willing to buy at different prices
Opportunity Cost What is given up when one thing is chosen over another
Transportation The moving of goods, people, or animals from one place to another
Interdependent When regions rely on one another for goods, services, or resources
Globalization Process by which a business makes something or provides a service in different places around the world
Communication The way that people send and receive information
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