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3rd Grade Economic Vocabulary

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

a person or company that makes goods

a)

consumer

b)

market

c)

entrepreneur

d)

producer

2.

all the activity involved in buying and selling goods and services

a)

economy

b)

market

c)

interdependence

d)

advertising

3.

an item that is produced for people to use

a)

resources

b)

good

c)

service

d)

import

4.

goods that are shipped out to another country

a)

exports

b)

natural resources

c)

wants

d)

imports

5.

dependence on others to get the things that you need

a)

resources

b)

demand

c)

entrepreneurship

d)

interdependence

6.

something used to make goods and services

a)

currency

b)

supply

c)

resource

d)

market

7.

materials that come from the Earth that people use to create a product

a)

goods

b)

natural resources

c)

resources

d)

imports

8.

how much people want to buy a good

a)

supply

b)

needs

c)

wants

d)

demand

9.

things you must have to live

a)

wants

b)

services

c)

goods

d)

needs

10.

goods that are shipped in from other countries

a)

imports

b)

exports

c)

supply

d)

consumers

11.

people who buy goods or services

a)

consumers

b)

producers

c)

entrepreneurs

d)

economist

12.

things that are not required for you to live but would like to have

a)

needs

b)

supply

c)

demand

d)

wants

13.

something done for you by another person for pay

a)

producer

b)

goods

c)

service

d)

wants

14.
Limited resources may cause___
a)
natural resource
b)
trade
c)
scarcity
d)
consumer
15.
Troy fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
16.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
17.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
18.
  Getting a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
19.
Who buys goods or services?
a)
Producers 
b)
consumers 
20.
Money added to pay for government services is a _________?
a)
tax
b)
scarcity 
c)
demand 
21.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
22.
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.
23.
Water, food, and shelter are examples of _________.
a)
wants
b)
services
c)
needs
d)
producers
24.
The way a place uses its money, goods, natural resources, and services is the _____________.
a)
budget
b)
expense
c)
scarcity
d)
economy
25.
The U.S.A. brings in or __________ many goods from other countries.
a)
imports
b)
exports
c)
profit
d)
budget
26.
The U.S.A. sends out or __________ many goods to other countries.
a)
imports
b)
exports
c)
profit
d)
barter
27.
A shortage of goods and services available is ____________.
a)
budget
b)
economy 
c)
scarcity
d)
supply
28.
Sam receives money for working at a restaurant.  The money he receives is his ____________.
a)
expense
b)
income
c)
barter
d)
service
29.
Money a person keeps in a bank that pays interest is a _________________.
a)
savings account
b)
expense
c)
good
d)
profit
30.

What a person gives up to get something they want ( your second choice)

a)

Producer

b)

Opportunity Cost

c)

service

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