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Third Grade (Grade 3) Economics Questions

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Grade 3 Economics
Which of the following are services? Write YES if it is a service, NO if it is not.

Mowing a lawn      YES      
A book     NO     
A car     NO     
Painting a wall      YES      
Babysitting a child      YES      
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
All 24 kids in the class want to color with the markers, but there are only 3 markers. This is an example of                  ?
  1. opportunity cost
  2. scarcity
  3. interdependence
  4. specialization
Grade 3 Economics
Which of the following best describes international trade?
  1. Buying and selling between families
  2. Buying and selling between cities
  3. Buying and selling between countries
  4. Buying and selling between states
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
A person who takes a risk, or a chance, and starts a business is called a(n)
  1. entrepreneur
  2. producer
  3. benefit
  4. resource
Grade 3 Economics
Employment means no job or not working.
  1. True
  2. False
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
Tom loaded his truck with vegetables to take to the local farmers' market. His truck was a                    .
  1. natural resource
  2. capital resource
  3. human resource
  4. commercial resource
Grade 3 Economics
When does using barter instead of money work?
  1. When both people have the same amount of money
  2. When one person has goods and the other has money
  3. When no one knows what the item costs
  4. When both people want what the other has
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 are capital resources?
  1. water, land, sun
  2. where the president lives
  3. the machines needed to produce something
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
A person who uses money to purchase goods or services is a               .
  1. consumer
  2. banker
  3. cashier
  4. producer
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
David bought a magazine at the store. The magazine is an example of a                .
  1. want
  2. need
  3. service
  4. tax
Grade 3 Economics
Mrs. Smith raises bees as a hobby. Every summer she collects the honey, and puts it in jars to sell at the State Fair. Mrs. Smith is a                of honey.
  1. consumer
  2. producer
  3. teacher
  4. cook
Grade 3 Economics
An          export          is a good that is sent out of a country.
Grade 3 Economics
Activities that satisfy people's needs and wants are                .
  1. groceries
  2. learning
  3. services
  4. recess
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