3rd Grade Economics

Limited resources may cause___

• natural resource
• trade
• scarcity
• consumer

Troy fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

Someone who makes a product to sell is a ____________.

• human resource
• consumer
• producer
• trader

A farmer is a ___________ because he/she grows food to sell.

• producer
• consumer

What are needs? 

• Something that grows in nature
• Something that people would like to have
• Something people must have to live
• Something found on the moon

What are wants?

• Something found in China
• something you must have to live
• something you see in a movie
• something you would like to have

  Getting a haircut

• example of scarcity
• example of a service
• example of a good
• example of a consumer

 A written plan that shows income, spending, and saving

• Scarcity
• Free Market
• Income
• Budget

Scarcity is when there is not enough supply of a good.

• True
• False

Who buys goods or services?

• Producers 
• consumers