Economics 3rd grade

If there is a huge demand for an item and the supply is very low, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

Which of the following can be categorized as a want?

• Food
• Water
• Shelter
• Car

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

Tasks completed for you by other people or by machines are called:

• Goods
• Needs
• Services
• Wants

Hiring a lawyer is an example of a:

• Good
• Service

Which of the following is a service?

• a restaurant meal
• a guitar lesson
• dry-cleaning fluid
• a concert t-shirt

Which one of the following is considered an economic want?

• Food & Water
• Clothing
• Shelter
• Transportation

A person who buys or uses good and services is called a...?

• Consumer
• Producer
• Demand
• Goods

 The difference between a good and a service is that:

• Goods are available in unlimited quantaties and services are not 
• Goods can be carried home and services can not 
• Services are available in unlimited quantaties and goods are not 
• goods help satisfy unlimited wants and services do not

The amount of a good or service that is available to consumers

• Supply
• Demand
• Saver
• Spender