Economics 3rd Grade

Which is NOT an example of a good

• Television

• Babysitter

• Bike

• Food

Supply means

• How much of a good is available to purchase

• How many people want a good o service

• to trade someone something for a good or service

• It is hard to find

Economics is

• what money is

• how to spend all your money

• how much money you have

• the study of how we use money, goods and services

An example of demand is

• There are 30 people that want to buy the new Nintendo Switch

• There is no more Nintendo Switches in the store.

• There are 20 Nintendo switches on the shelf at Walmart

• Julie is sad she did not get a Nintendo Switch

Which is NOT a characteristic of money

• Durable

• Portable

• Colorful

• Divisible

• Recognizable

The following is an example of

• Demand

• Scarcity

• A good

• A service

What should a store do if the demand for a good is high?

• Get rid of the good

• Raise the price

• Lower the price

• Put it on sale

Which are examples of a buyer

• 
• 
• 
• 

What is a basic need?

• a need is an essential good that we need for survival; such as water, clean food

• Play station 4

• Gucci Shoes

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer