Third Grade Economics Review Game

What is a good?

• something someone does for you

• something you buy as a consumer

• something you make

• a choice you make

What is a service?

• someone who grows or makes food for someone else

• someone who buys good and services

• work that someone does for someone else

Examples of goods are

• getting your hair cut

• books

• pencils

• teachers

Examples of services are

• Vet

• Coach

• Farmer

• Pilot

What is a producer?

• someone who makes or grows goods or provides services

• someone who buys goods or services

• things that are made or grown

When a choice is made and something has to be given up, it is called

• scarcity

• opportunity cost

• price

A _____ makes a product (good) or provides a service for a consumer.

• consumer

• producer

• price

Trading without money is called?

• house

• handoff

• barter

Ryan could choose between new shoes or a new gaming system as a reward for his good grades. He choses new shoes. What is his opportunity cost?

• shoes

• gaming system

If there are 18 students in the class but there are only 10 books, this is an example of _____.

• scarcity

• opportunity cost

• trade