Third Grade Economics

Put the words Supply and Demand in the correct part of the sentence below:

Clothes Closet had to reduce the price of their winter coats in April.

Their _________ was high and the _____________ was low.

• supply high, demand low

• supply high, demand high

• supply high, demand high

• supply low, supply low

At Middletown Market where would you go to buy medicine?

• pharmacy

• Bank

• Post Office

The bakery's new cherry pies are a big hit. The bakery has a hard time keeping up with the Supply of pies or the Demand of pies.

• Supply

• Demand

The pizza shop is adding on a new outside dining area on a deck. Choose at least three resources they will need.

• wood

• dog

• carpenter

• furniture

• cookies

The pharmacy got in a large shipment of shampoo. Does this mean the pharmacy has a high supply or high demand of shampoo?

• high supply

• high demand

The pet store has pet care videos that you can rent. There is a late fee if you don’t return them on time. Is this a positive or negative incentive?

• positive

• negative

The manager of the flower shop wrote down all of his income and expenses to see what he has to spend and save. He is working on his…..

• Opportunity Cost

• Budget

• Incentive

Which business is in economic competition with the diner?

• Gus's Grocery

• Bank

• Snack Shack

• Pharmacy

The pet store is hiring dog walkers. What type of resource are dog walkers?

• Capital

• Natural

• Human

The bank gives you interest ( or a little extra money) for saving your money with the bank. Is this a positive or negative incentive?

• positive

• negative