Economics 3rd Grade

If there is a huge demand for an item and the supply is very low, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

Which of the following can be categorized as a want?

• Food
• Water
• Shelter
• Car

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

Tasks completed for you by other people or by machines are called:

• Goods
• Needs
• Services
• Wants

Hiring a lawyer is an example of a:

• Good
• Service

Which of the following is a service?

• a restaurant meal
• a guitar lesson
• dry-cleaning fluid
• a concert t-shirt

Which one of the following is considered an economic want?

• Food & Water
• Clothing
• Shelter
• Transportation

What is an entrepreneur?

• A worker in a company
• The person who takes a risk to start a business
• an inventor
• The person in commercials for a product

A person who buys or uses good and services is called a...?

• Consumer
• Producer
• Demand
• Goods

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

• trade offs
• scarcity
• opportunity cost
• incentive