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Third Grade (Grade 3) Economics Questions

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Grade 3 Economics
Which is an example of bartering?
  1. buying a football at Walmart
  2. getting a coke for $1
  3. trading a bouncy ball for a pencil
  4. giving your friend 2 quarters for a candy bar
Grade 3 Economics
When is bartering not possible?
  1. when people trade goods or services
  2. when no one wants to trade for your product or service
  3. when kids are trading baseball cards
  4. when you trade something without using money
Grade 3 Economics
Grade 3 Economics
What would lead to higher prices?
  1. Low supply, high demand
  2. High supply, low demand
  3. High supply, high demand
  4. Low supply, low demand
Grade 3 Economics
Grade 3 Economics
According to supply and demand, when would a companies start producing more product?
  1. When the price people pay goes down
  2. When demand increases
  3. When they can sell it for the right price
Grade 3 Economics
What of these is neither a good NOR a service?
  1. a gallon of gas
  2. piano lessons
  3. a meal at a restaurant
  4. a $20 bill
Grade 3 Economics
What is an example of a consumer?
  1. a farmer who grows corn
  2. a person who buys a book
  3. an artist who sells a painting
  4. a worker who fixes trucks.
Grade 3 Economics
Grade 3 Economics
What is another word for a person who works to produce goods or provides services?
  1. human resource
  2. natural resource
  3. consumer
  4. capital resource
Grade 3 Economics
What is an economy?
  1. people, places, or things
  2. the way an area uses and produces natural resources, goods, and services to meet its needs
  3. a business that has a lot of people working for it
Grade 3 Economics
What is an entrepreneur?
  1. a factory
  2. a person who starts and runs his or her own business
  3. a book about history
Grade 3 Economics
What is a manufacturer?
  1. wants and needs
  2. a place to recycle paper
  3. a business that uses machinery to make products
Grade 3 Economics
What is interdependence?
  1. freedom from laws
  2. relying on one another to meet needs and wants
  3. giving help to others
Grade 3 Economics
What are capital resources?
  1. water, land, sun
  2. where the president lives
  3. the machines needed to produce something
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