Miss Lia Grade 3 Social Studies

When there is a scarcity of toilet papers, what does it mean?

• There are enough toilet papers.

• There are too many toilet papers.

• There are NOT enough toilet papers.

• There is a lot of money.

What is opportunity cost?

• The value of the thing you gave up.

• The value of something expensive.

• The money you take from others.

• The goods you buy.

What are goods?

• Things people can eat.

• Things people punch or hit.

• Things that are nice.

• Things people grow or make to sell.

What is a service?

• The oranges you buy at the supermarket.

• Work someone does for another.

• Things you can make.

• Swimming in the ocean.

Which of these is NOT one of the types of resources?

• Capital resources

• Native resources

• Natural resources

• Human resources

Producer is someone who makes a product or provides a service.

• True

• False

Consumer is someone who spends money to buy things they need or want.

• True

• False

What is supply?

• The amount of goods or services that people can sell

• The amount of money you have in you pocket.

• The number of things you can buy.

• The number of apples you can eat.

What is demand?

• The amount of bananas they can sell.

• The amount of goods that people don't want.

• Things that people do not like.

• The amount of goods and services that people want

When you bring products and resources into one country, what is it called?

• inland

• import

• export

• expand