Third Grade Economics 2

What is a budget?

• A list of things to buy

• An estimate of income and expenses for a set period of time

• A type of bank account

• A way to earn money

Which entrepreneur founded Amazon?

• Henry Ford

• Walt Disney

• Jeff Bezos

• Sam Walton

What happens when the supply of an item decreases but demand stays the same?

• The price goes down

• Nothing changes

• The price increases

• More items are made

What is the definition of scarcity?

• Having too much of something

• The process of making goods

• A type of business

• A shortage or lack of something

What is labor?

• Work done for money

• Things that are sold

• A type of credit

• Money earned from sales

Who was the first person to mass produce cars using an assembly line?

• Jeff Bezos

• Henry Ford

• Sam Walton

• Walt Disney

What is free enterprise?

• A. A government-controlled system

• B. Free goods and services

• C. An economic system with little government control

• D. A type of budget

What is profit?

• The total amount of sales

• Money spent on supplies

• The cost of making products

• Money left after paying all expenses

Which of these is an example of a service?

• A toy car

• A book

• Mowing someone's lawn

• A computer

What is credit?

• Money saved in a bank

• Money that must be paid back with interest

• Free money from the government

• A type of salary