Grade 3 Economics Assessment

Which of the following is a human resource?

• gas station

• oven

• waitress

Buying or using something that is already made.

• consume

• scarcity

• opportunity cost

Making something new.

• opportunity cost

• produce

• consume

When there is not enough of a good or service for everyone.

• scarcity

• consume

• opportunity cost

A choice that you give up when you choose something else.

• scarcity

• opportunity cost

• produce

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

• scarcity

• producing

• economics

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

• capital resource

• natural resource

• human resource

Goods that are used to produce other goods and services.

• capital resources

• natural resources

• human resources

Something that is found in nature that can be used by people.

• capital resources

• natural resources

• human resources

The process or making goods.

• research and development

• manufacturing

• tourism