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Goods and Services (Grade 3)

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Goods and Services

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