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Third Grade (Grade 3) Economics Questions

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Grade 3 Economics
List three economic resources that businesses use.
Grade 3 Economics
The           economy          is the way a place uses its money, goods, natural resources, and services.
Grade 3 Economics
Which of the following best describes the work of a farmer?
  1. distribution
  2. consumption
  3. scarcity
  4. production
Grade 3 Economics
Which is an example of a renewable resource?
  1. trees
  2. oil
  3. emeralds
  4. coal
Grade 3 Economics
How does scarcity affect price?
Grade 3 Economics
Someone who buys goods or uses a service is a(n)            consumer           .
Grade 3 Economics
Which of these events happens FIRST?
  1. More people move to the suburb to work at the company.
  2. More houses are built for the growing number of people.
  3. The suburb grows bigger.
  4. A large company moves its office to a small suburb.
Grade 3 Economics
Production is the process of making goods and services.
  1. True
  2. False
Grade 3 Economics
Why do people work?
Grade 3 Economics
List five examples of natural resources.
Grade 3 Economics
What is Supply and Demand?
Grade 3 Economics
The amount of money left after all the costs of running a business are paid is the          profit         .
Grade 3 Economics
Why are food, shelter and clothing, our needs?
Grade 3 Economics
Which 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
Cedar trees are a natural resource.
  1. True
  2. False
Grade 3 Economics
The way in which people depend on one another for goods and resources is called economic interdependence.
  1. True
  2. False
Grade 3 Economics
The making of goods in large quantities is
  1. renewable
  2. interstate trade
  3. specialize
  4. mass production
Grade 3 Economics
Two communities are considered                  interdependent                 when they depend on each other.
Grade 3 Economics
What are five examples of capital resources?
Grade 3 Economics
What happens when the supply of a good is higher than the demand?
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