
Economics Quiz
Authored by Tiffany Davidson
Social Studies
3rd Grade
7 Questions
Used 4+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
People who use resources to produce goods and/or provide services are called:
Consumers
Natural Resources
Producers
Capital Resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are goods?
Activities that satisfy wants
Services we provide for other people
People who utilize resources
Things that people make or use
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
With $1.00, you can either buy an ice cream or a candy bar. This is called a:
Economic choice
Opportunity cost
Scarcity
Specialization
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do people make choices?
Because regions often specialize in certain goods and services.
Because some choices do not have opportunity costs.
Because they cannot have everything they want.
Because resources are used to produce goods and services.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Natural resources are:
Materials that come directly from nature
Goods made by people and used to produce other goods and services
People working to produce goods and services
Things that people make or use to satisfy their needs and wants
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an opportunity cost?
The choice between two possibilities
The choice that is given up when a decision is made
The decision-making model used to make a choice
A type of economic specialization
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does specialization encourage trade?
People want goods and services they do not have
The price of goods and services decreases with specialization
Specialization encourages people to travel and spend money
Specialization provides different jobs in a community
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