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Third Grade (Grade 3) Economics Questions

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Grade 3 Economics
Services are something one person does for another.
  1. True
  2. False
Grade 3 Economics
               are things you would like to have but do not need.
  1. service
  2. wants
  3. needs
  4. goods
Grade 3 Economics
A person who buys goods or services is called a consumer
  1. True
  2. False
Grade 3 Economics
Scarcity means that supply of a good or service is high.
  1. True
  2. False
Grade 3 Economics
A plan for how you spend and save your money is called a               ?
  1. budget
  2. bank
  3. poll
  4. test
Grade 3 Economics
                is the value of the thing you give up when you choose one thing over another.
  1. value
  2. opportunity cost
  3. abundance
  4. scarcity
Grade 3 Economics
                is what something is worth to a person.
  1. opportunity cost
  2. scarcity
  3. good
  4. value
Grade 3 Economics
What are goods and services offered by businesses?
  1. sale items
  2. products
  3. inventions
  4. companies
Grade 3 Economics
Income is all the                a person get from a job or other source
  1. food
  2. money
  3. profit
  4. services
Grade 3 Economics
How do businesses help people in a community?
  1. They provide the things people want and need.
  2. They grow food to sell to shops.
  3. They make laws to keep a community safe.
  4. They help maintain a community's climate.
Grade 3 Economics
What are natural resources?
  1. shelter, food,
  2. something found in nature that people can use
  3. goods and services
Grade 3 Economics
Which group makes and sells goods?
  1. consumers
  2. traders
  3. producers
  4. servers
Grade 3 Economics
A doctor is an example of which type of resource?
  1. natural
  2. human
  3. capital
  4. entrepreneurial
Grade 3 Economics
What might happen if the demand for a new sneaker began to quickly rise?
  1. More sneaker would be made
  2. The price of the sneaker would go up
  3. People would refuse to pay for sneaker
  4. The sneaker price would be lowered
Grade 3 Economics
What are human resources?
  1. the people and ideas needed to produce something
  2. food, shelter, clothing
  3. water, trees, air, sun
Grade 3 Economics
Henry Ford sold more cars at a lower price by doing what?
  1. using cheaper materials
  2. making smaller cars
  3. paying his employees less
  4. using an assembly line
Grade 3 Economics
An industry is a business that                      
  1. provides services
  2. makes or trades goods
  3. is run by volunteers
  4. was begun by the Omaha
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
Goods are things like clothing, dishes, bicycles and pencils.
  1. True
  2. False
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
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