Grade 5 Integrated Social Studies English Language Arts Curriculum The Western Hemisphere Unit Two Glossary

You Need It? You Want It? Do You Have It? Glossary budget a plan for the use of your money capital money or property that is invested or used to make more money capital goods machinery produced to make other goods and services (Example: an assembly line) capital resources financial capital or sums of money available for investment command economic government owns all property and businesses; it system controls the quantity of the products produced, their prices, and who should receive them conservation of resources careful preservation and protection of natural resources consumer a person who buys and uses up goods demand the consumer’s desire for a good or service economics social science concerned with production, distribution, and consumption of goods and services economic systems includes mixed, traditional and command systems. An economic system involves the organization of production, distribution, use of resources, goods and services. economic growth the rate, calculated by economists, at which an economic system grows entrepreneur a person who starts, organizes, manages and takes on the risks of a business or industry exports goods sent to another country for sale goods products that satisfy an economic need or want

Putnam /Northern Westchester BOCES Page 1 Revised January 2012

Grade 5 Integrated Social Studies English Language Arts Curriculum The Western Hemisphere Unit Two Glossary imports goods brought into a country for sale income a gain usually measured in money that comes in from labor, business, or property indigenous originating in and characteristic of a particular region or country; native (often followed by to): the plants indigenous to Canada; the indigenous peoples of southern Africa. marketplace the general process of buying and selling

mixed market economic ownership of resources and businesses primarily by system individuals; individuals can make a profit but government intervenes to set certain rules and protections for the general good. Government does own land (example: National Parks), minerals (examples: gold, oil reserves), etc. needs refers to those goods and services that are essential, such as food, clothing and shelter natural resource “gift of nature,” naturally occurring material that are useful to man. (examples: land, water, air, coal) opportunity cost the cost of something in terms of an opportunity not chosen (and the benefits that could be received from that opportunity), or the most valuable alternative (For example, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that might have been done with the land and construction funds instead.) per capita income amount of money earned for every person in a country population number of people living in an area producer one who grows agricultural goods or manufactures materials into goods

Putnam /Northern Westchester BOCES Page 2 Revised January 2012

Grade 5 Integrated Social Studies English Language Arts Curriculum The Western Hemisphere Unit Two Glossary production the act or process of making something. Example: timber used for the production of lumber and paper profit the money made in a business venture, sale, or investment after all expenses have been met. resources an available supply that can be drawn on when needed. Something that is a source of wealth for a country salary money paid at regular times for work or services services the work performed by a person for others that does not involve commodities (goods) scarcity an insufficient amount or supply; a shortage; the condition that exists when wants exceed resources available to satisfy wants standard of living the degree of material well being of the community supply the amount of goods or services that are available traditional economic where decisions on the three basic economic questions system are based on what has been done in the past, very little interaction with the outside world. unemployment rate the percent of people not working who want to work out of the total population wants refers to those goods and services that people would like to have to improve the quality of their lives, such as education, security, health care and entertainment

Putnam /Northern Westchester BOCES Page 3 Revised January 2012