Economics

Economics

3rd Grade

11 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

3rd Grade

Medium

Created by

Lauren Baker

Used 5+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic ______ is when a producer focuses on producing selected goods or services.

specialization

scarcity

choice

decision

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People have to specialize because they ______.

are required to specialize

have to make a choice

cannot produce everything

need to keep money in savings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What were the specializations of Ancient Mali?

Bananas and Salt

Copper and Gold

Copper and Bananas

Salt and Gold

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term that we use to describe the next best choice given up when a economic decision is made?

specialization

choice

opportunity cost

scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Maria has to choose between buying ice cream or potato chips. This is an example of economic ___________________________.

specialization

scarcity

choice

cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sam has to make a choice between playing in his soccer game and studying for a big test. He chooses the soccer game. What is his opportunity cost?

winning the soccer game

losing the soccer game

studying for his test

winning a trophy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your parents gave you four quarters for lunch money. If you had the choice between a hamburger for $1.49 or a hotdog for $0.99, what would help with your economic decision?

scarcity of hamburgers

cost of each item

size of hotdog

size of hamburger

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