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Third Grade Economics

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Put the words Supply and Demand in the correct part of the sentence below:

Clothes Closet had to reduce the price of their winter coats in April.

Their _________ was high and the _____________ was low.

a)

supply high, demand low

b)

supply high, demand high

c)

supply high, demand high

d)

supply low, supply low

2.

At Middletown Market where would you go to buy medicine?

a)

pharmacy

b)

Bank

c)

Post Office

3.

The bakery's new cherry pies are a big hit. The bakery has a hard time keeping up with the Supply of pies or the Demand of pies.

a)

Supply

b)

Demand

4.

The pizza shop is adding on a new outside dining area on a deck. Choose at least three resources they will need.

a)

wood

b)

dog

c)

carpenter

d)

furniture

e)

cookies

5.

The pharmacy got in a large shipment of shampoo. Does this mean the pharmacy has a high supply or high demand of shampoo?

a)

high supply

b)

high demand

6.

The pet store has pet care videos that you can rent. There is a late fee if you don’t return them on time. Is this a positive or negative incentive?

a)

positive

b)

negative

7.

The manager of the flower shop wrote down all of his income and expenses to see what he has to spend and save. He is working on his…..

a)

Opportunity Cost

b)

Budget

c)

Incentive

8.

Which business is in economic competition with the diner?

a)

Gus's Grocery

b)

Bank

c)

Snack Shack

d)

Pharmacy

9.

The pet store is hiring dog walkers. What type of resource are dog walkers?

a)

Capital

b)

Natural

c)

Human

10.

The bank gives you interest ( or a little extra money) for saving your money with the bank. Is this a positive or negative incentive?

a)

positive

b)

negative

11.

Garth bought both cupcakes and stamps. Which TWO places did he visit while at the market?

a)

Post Office and Bakery

b)

Post Office and Flower Shop

c)

Bakery and Mia’s Cookies

12.

The Dance Center decides to start selling dance shirts and shorts. Which other store are they now in competition with?

a)

Flower Shop

b)

Clothes Closet

c)

Bank

13.

While at the Snack Shack, Cam wants a hot dog and fries, but he doesn’t have enough money. He decides on the fries. What is the opportunity cost of his decision?

a)

He leaves with nothing

b)

He gets a burger

c)

He gives up the hot dog

14.

Which store in Middletown Market is in competition with the bakery?

a)

Pa’s Pizza

b)

Mia’s Cookies

c)

Flower Shop

15.

Which place at Middletown Market is a service provided by the federal government?

a)

Post Office

b)

Dance Center

c)

Diner