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WorksheetsEconomics 3rd Grade
Total questions: 41
Worksheet time: 25mins
Name
Class
Date
1.
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.
2.
Which of the following can be categorized as a want?
a)
Food
b)
Water
c)
Shelter
d)
Car
3.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
4.
Tasks completed for you by other people or by machines are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
5.
Hiring a lawyer is an example of a:
a)
Good
b)
Service
6.
Which of the following is a service?
a)
a restaurant meal
b)
a guitar lesson
c)
dry-cleaning fluid
d)
a concert t-shirt
7.
Which one of the following is considered an economic want?
a)
Food & Water
b)
Clothing
c)
Shelter
d)
Transportation
8.
A person who buys or uses good and services is called a...?
a)
Consumer
b)
Producer
c)
Demand
d)
Goods
9.
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
10.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
11.
Someone who buys and uses goods and services
a)
Producer
b)
Consumer
c)
Spender
d)
Borrower
12.
The person or business that provides goods and services
a)
Borrower
b)
Consumer
c)
Producer
d)
Saver
13.
Any money that you earn or receive from someone
a)
Borrower
b)
Saver
c)
Income
d)
Taxes
14.
Money that people must give to the government to pay for community needs
a)
Taxes
b)
Savings
c)
Borrower
d)
Consumer
15.
Goods or services that are required. Examples: food, clothing, shelter
a)
Needs
b)
Wants
c)
Producer
d)
Supply
16.
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
17.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
18.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
19.
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
20.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
21.
Troy fixes his friend's sink. He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
22.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
23.
A person who buys or uses good and services is called a...?
a)
Consumer
b)
Producer
c)
Demand
d)
Goods
24.
The person or business that provides goods and services
a)
Borrower
b)
Consumer
c)
Producer
d)
Saver
25.
Goods or services that are required. Examples: food, clothing, shelter
a)
Needs
b)
Wants
c)
Producer
d)
Supply
26.
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
27.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
28.
Any money that you earn or receive from someone
a)
Borrower
b)
Saver
c)
Income
d)
Taxes
29.
Getting a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
30.
Using money to pay for goods and services
a)
Spending
b)
Saving
c)
Budgeting
d)
Free Market
31.
People who make or grow goods
a)
consumer
b)
producer
c)
spender
d)
buyer
32.
A person who uses money to purchase goods or services is a..
a)
Consumer
b)
Banker
c)
Cashier
d)
Produser
33.
Activities that satisfy people's needs and wants are...
a)
Groceries
b)
Learning
c)
Services
d)
Recess
34.
Something you do not need, but would like to have is called a
a)
want
b)
need
c)
supply
d)
demand
35.
Something necessary to live is called a
a)
want
b)
need
c)
supply
d)
demand
36.
A good is
a)
a thing people use
b)
a job that helps another person
37.
A job that helps other people is known as a
a)
service
b)
good
c)
supply
d)
demand
38.
A producer is
a)
a person who creates a good or does a service
b)
a person who uses goods or services
39.
A consumer is
a)
a person who creates a good or does a service
b)
a person who uses goods or services
40.
How much of something that is wanted is known as
a)
demand
b)
supply
c)
good
d)
service
41.
How much of something that is available is known as
a)
demand
b)
supply
c)
good
d)
service
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