Goods and Services (Grade 3)
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Goods and Services
1.
A makes goods.
- consumer
- goods
- service
- producer
2.
Someone who pays for goods and services is a(n) .
3.
The problem of scarcity is caused by .
- unlimited wants and limited resources.
- limited wants and unlimited resources.
- unlimited wants and unlimited resources.
- limited wants and limited resources.
4.
An is a good that is brought into a country.
5.
An is a good that is sent out of a country.
6.
What are capital resources?
- water, land, sun
- where the president lives
- the machines needed to produce something
7.
The resources of an economic system, called Factors of Production are grouped into four categories which are
- traditional, command, market, and mixed.
- land, capital, labor, and entrepreneurs.
- monopoly, oligopoly, private, and government.
- local, central, national, and global.
8.
The fundamental economic problem of scarcity needs to find answers to three questions. Which of these does not need to be answered?
- How to produce?
- For Whom to Produce?
- Where to Produce?
- What to Produce?
9.
An example of an operation or service that is provided by the local government includes:
- Keeping a national park safe.
- Training soldiers for the army.
- Maintaining buses, subways, and roads.
- Predicting the weather.
10.
Repairing roads and building schools are examples of .
- supply and demand
- human resources and natural resources
- private goods and services
- public goods and services
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