Economics

Economics

3rd Grade

8 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

3rd Grade

Practice Problem

Easy

Created by

Abbey Schaal

Used 4+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economics?

The way people spend and save money

Cooking

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a producer?

Someone who sells a good or product

Someone who buys a good or product

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consumer?

Someone who sells a good or product

Someone who buys a good or product

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a good?

An object you can buy

Things that people do for others

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a service?

An object you buy

Things that people do for others

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

My mom said that I could get either a cheeseburger or chicken nuggets for dinner from McDonalds. I chose a cheeseburger. What was my opportunity cost?

A cheeseburger

Chicken nuggets

French fries

A drink

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

I am planning to spend $50 on groceries this week so that I can have $10 to go to the movies this weekend. What is this called?

A budget

Opportunity cost

Scarcity

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During the pandemic toilet paper was extremely low. People had a hard time finding it in the stores. What is this called?

A budget

Scarcity

Opportunity cost

Producer