NEW
Font size
S
M
L
XL
WorksheetsEconomics 3rd Grade
Total questions: 37
Worksheet time: 27mins
Name
Class
Date
1.
A person who buys or uses good and services is called a...?
a)
Consumer
b)
Producer
c)
Demand
d)
Goods
2.
Someone who buys and uses goods and services
a)
Producer
b)
Consumer
c)
Spender
d)
Borrower
3.
The person or business that provides goods and services
a)
Borrower
b)
Consumer
c)
Producer
d)
Saver
4.
Goods or services that are required. Examples: food, clothing, shelter
a)
Needs
b)
Wants
c)
Producer
d)
Supply
5.
Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys
a)
Demand
b)
Needs
c)
Wants
d)
Presents
6.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
7.
Any money that you earn or receive from someone
a)
Borrower
b)
Saver
c)
Income
d)
Taxes
8.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods can be carried home and services can not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
9.
When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.
a)
trade offs
b)
scarcity
c)
opportunity cost
d)
incentive
10.
Which of the following is a service?
a)
a restaurant meal
b)
a guitar lesson
c)
dry-cleaning fluid
d)
a concert t-shirt
11.
An example of a human resource is _________.
a)
a truck
b)
tree
c)
tractor
d)
doctor
12.
___________________ is another word for a person who works to produce goods or provides services?
a)
capital resource
b)
natural resource
c)
human resource
d)
consumer
13.
Michael used his tractor to make bales of hay. His tractor is a ____________.
a)
commercial resource
b)
capital resource
c)
natural resource
d)
human resource
14.
Mark could choose between new shoes or a new video game as a reward for his good grades. He chose new shoes. What is his opportunity cost?
a)
shoes
b)
video game
15.
_____________ is what you gave up in order to get something else.
a)
scarcity
b)
economic choice
c)
opportunity cost
d)
human resournce
16.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
17.
People who provide services to make money are ____________.
a)
natural resources
b)
human resources
c)
capital resource
18.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
19.
What is a human resource?
a)
construction worker
b)
fireman
c)
teacher
d)
all of the above
20.
What is a capital resource
a)
trees
b)
house
c)
tractor
d)
water
21.
Which of the following can be categorized as a want?
a)
Food
b)
Water
c)
Shelter
d)
Car
22.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
23.
If there is a huge demand for an item and the supply is very low, what will happen to the price?
a)
The price will decrease
b)
The price will increase
c)
The price will stay the same.
d)
They will be free.
24.
What happens to the price of objects when the demand for them increases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
25.
Any kind of money that people in a country use for trade.
a)
currency
b)
income
c)
supply
d)
budget
26.
We are allowed to buy or sell whatever we want. This is an example of _____________.
a)
supply
b)
consumer
c)
free enterprise economy
d)
scarcity
27.
A supply is __________.
a)
Someone who gets paid to work.
b)
Amount of goods or services available.
c)
We are allowed to sell or buy what ever we want.
d)
A plan for earning, spending, and saving your money
28.
Mrs. Jones gets paid to work at the bank. She is an ____________.
a)
expense
b)
profit
c)
consumer
d)
employee
29.
Water, food, and shelter are examples of _________.
a)
wants
b)
services
c)
needs
d)
producers
30.
Maria goes to the store to buy food. Maria is a _____________.
a)
consumer
b)
producer
c)
supply
d)
employee
31.
A toy store sells video games. Video games are an example of ___________.
a)
services
b)
producers
c)
goods
d)
needs
32.
Sam receives money for working at a restaurant. The money he receives is his ____________.
a)
expense
b)
income
c)
barter
d)
service
33.
John goes to a barber to cut his hair. John is a _____________.
a)
producer
b)
employee
c)
barter
d)
consumer
34.
A plan for earning, spending, and saving your money is a ______________.
a)
budget
b)
demand
c)
expense
d)
profit
35.
Which is an example of a natural resource?
a)
Computer
b)
Water
c)
Counting Money
36.
Scarcity is when there is not enough supply of a good.
a)
True
b)
False
37.
The money used in a country is called ?
a)
Dollars
b)
Bills
c)
Currency
Reset
