3rd Grade Economics

People in each country need _________________ to buy goods and services.

• credit

• currency

• points

• coupons

Which items are paid for using citizen’s taxes? (3)

• a. Firefighter, new school, and new roads

• b. Car mechanic, new school, and selling tacos

• c. Firefighter, car mechanic, and selling tacos

• d. New roads, car mechanic, and new school

Casey opened a new smoothie store. She is only going to use oranges for the first flavor. She hires Jessie to help her. She goes to the store and buys fresh oranges, and a juicer. Jessie will use the juicer to squeeze fresh juice to put in the smoothie.

the juicer is a

• capital good(resource)

• consumer good

• intermediate good

• raw material

Mr. Atkins only has $8 to spend. He decides to go to Starbucks? What was his opportunity cost?

• Krispy Kreme

• Dunkin' Donuts

• McDonald's

• Panera Bread

The store is out of toilet paper and cannot meet the needs of its customers' demands. What would MOST likely happen?

• More toilet paper will be produced.

• Customers will stop buying toilet paper.

• The store will close down permanently.

• Prices of toilet paper will decrease.

The yellow Crocs and the purple Crocs are competing against each other in the shoe store. If the owner puts the yellow Crocs on sale, what will happen to the price of the purple Crocs?

• The price of the purple Crocs will also go down.

• The price of the purple Crocs will go up.

• The price of the purple Crocs will remain the same.

• The purple Crocs will be taken off the shelf.

When someone does not have enough money to purchase everything they want at the store, they allocate their money by ________.

• price

• budgeting

• spending

• saving

Mrs. Harris has $25.  She is trying to decide if she should save it or spend it on buying gummy bears. What is her opportunity cost if she decides to save her money?

• Buy gummy bears now

• Buy something later

• Invest in a savings account

• Donate to charity

Mrs. Smith grew up helping her grandparents raise Arabian horses. They need to be fed, given water, exercised, brushed, taken to the vet, and more. Which two of the following items she uses are CAPITAL resources?

• a. wheelbarrow to carry food

• b. the horse

• c. the barn

• d. the shovel used to scoop hay

The main human resource in your classroom is the _________________?

• teacher

• student

• principal

• parent