Economics for 3rd grade

Someone who buys goods or services.

• Producer

• Consumer

• Goods

• Teacher

Which of these would be an example of a consumer?

• A chef at a diner.

• A farmer who sells produce.

• Someone buying a phone.

• Someone making and selling bows.

When demand is high, supply is ______________.

• High

• Not there

• Average

• Low

Which of these would be considered goods?

• Haircut

• Doctor's visit

• Apples

• School

The new iPhone just came out. Which if these will MOST likely happen to the old one?

• Price will go up.

• Price will stay the same.

• They will start breaking.

• Price will go down.

When an item is hard to find or get.

• The price is cheaper.

• It is considered scarce.

• They sell them everywhere you go.

• The demand is low.

Which of these are a need?

• A purse

• Xbox

• Markers

• Shelter

Which of these are a want?

• Tablet

• Food

• Water

• Shelter

If a game is scarce and someone else has it, what could you do?

• Make it

• Buy it

• Buy it from any store.

• Take it.

Giving something up when you choose one thing instead of another.

• Scarcity

• Opportunity cost

• Supply

• Demand