3rd Grade Social Studies - Michigan Economics Assessment

Tasks completed for you by other people or by machines are called _________.

• a. goods
• b. needs
• c. services
• d. wants

Limited resources may cause___

• natural resource
• trade
• scarcity
• consumer

Scarcity is when there is not enough supply of a good.

• True
• False

What is an entrepreneur?

• A worker in a company
• The person who takes a risk to start a business
• an inventor
• The person in commercials for a product

The way a place uses its money, goods, natural resources, and services is the _____________.

• budget
• expense
• scarcity
• economy

The U.S.A. brings in or __________ many goods from other countries.

• imports
• exports
• profit
• budget

The U.S.A. sends out or __________ many goods to other countries.

• imports
• exports
• profit
• barter

Which term means a choice that you give up when you choose something else?

• Opportunity Cost

• Manufacturing

• Capital Resource

• Economy

The study of how people use limited resources to make goods and services that people need and want is:

• Manufacturing

• Export

• Renewable Energy

• Economics

Workers who are used in the production of goods and services are:

• Human Resources

• Natural Resources

• Capital Resources

• Limited Resources