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Economics Quiz- 3rd Grade

Total questions: 59

Worksheet time: 34mins

Name
Class
Date
1.
What is a good? 
a)
something you buy that you can touch
b)
something you buy that is done for you
2.
Which one of these is a good? 
a)
a chapter book
b)
a grocery store
3.
Which one is NOT a good? 
a)
a bookshelf
b)
a haircut
4.
What is an example of a consumer?
a)
a farmer who grows corn
b)
a person who buys books
c)
an artist who sells paintings
5.
Which provides both goods and services?
a)
A babysitter
b)
A post office
c)
A bus driver
6.
The system in which goods and services are bought and sold
a)
economy
b)
free market economy
c)
scarcity
7.
When people want more things than they can actually have
a)
economy
b)
free market economy
c)
scarcity
8.
Items that can be bought, sold, and traded, such as food and  computers
a)
goods
b)
services
c)
market
9.
A place where buyers and sellers come together
a)
goods
b)
services
c)
market
10.
Tasks you pay someone to do for you
a)
goods
b)
services
c)
market
11.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
12.
Who buys goods or services?
a)
Producers 
b)
consumers 
13.

A person or a business cannot be both a producer and a consumer.

a)

True

b)

False

14.
Maya grows and sells fruit from her farm. Maya is a ________.
a)
producer
b)
consumer
15.
Leah goes to the store and buys items to make dinner. Leah is a _________.
a)
producer
b)
consumer
16.
Peoples and consumers do not always have enough resources to get everything they want. They must make a choice.  Sometimes they must give up certain things to get other things. This kind of economic decision is called a trade-off.  What people decide to give up in order to get something else is called the ___________.  
a)
economic choice
b)
opportunity cost
17.
A consumer might choose to spend his money on a pair of skates instead of going to the movie. In this case, which one is the opportunity cost?
a)
movie
b)
pair of skates
18.
A consumer might choose to spend his money on some popcorn at the movie and not a bag of M & Ms.  Which one is the opportunity cost?
a)
M & Ms 
b)
popcorn
19.
Scarcity is when there is not enough of something for all of the people who what it.  Only a certain amount of oil is found in the world.  This amount is called the _________.
a)
demand
b)
supply
20.
What do you think will happen to the demand of pumpkins in the fall?
a)
the demand will go down
b)
the demand will go up
21.

A _______occurs when not enough of a product is available now.

a)

Scarcity

b)

Shortage

c)

Abundance

d)

None of the above

22.

Money is

a)

paper bills

b)

coins

c)

checks

d)

all of the above

23.

Barter means

a)

to exchange or trade

b)

a person who serves you food

24.

People cannot have everything they want. They must make ______

a)

economic choices

b)

money

25.

Why do people save money?

a)

so they can buy things in future

b)

so they can be rich

26.

Why do prices often go up when there is a shortage?

a)

Because people have a lot of money.

b)

Because there are not enough products available and people are willing to pay more.

27.

Which of the following is a natural resource?

a)

sweaters

b)

doctors

c)

trees

d)

lightbulbs

28.

Which of the following is a human resource?

a)

farmers

b)

rocks

c)

tractors

d)

hammers

29.

A sewing machine would be an example of a .....

a)

human resource

b)

capital resource

c)

natural resource

d)

none of the above

30.

Animals like goats are examples of.......

a)

natural resources

b)

human resources

c)

capital resources

d)

none of the above

31.

Which of the following is an example of a capital resource?

a)

Healers to heal people

b)

Cloth to make clothing

c)

Waterfalls to visit

d)

Milk from cows

32.

Water is an example of a ________ resource?

a)

Natural

b)

Human

c)

Capital

d)

Weather

33.

A teacher who provides a service is an example of a.....

a)

Natural Resource

b)

Human Resource

c)

Capital Resource

d)

All of the above

34.

What is a capital resource?

a)

Something that comes from nature.

b)

A good or tool used to make others.

c)

A service by a human.

d)

A sweater

35.

What is a natural resource?

a)

something made by a human

b)

A tool used to make a good.

c)

Something that comes from nature

d)

A service by a human

36.

What is a human resouce?

a)

People who work to make a goods or services.

b)

Things that come from nature.

c)

A factory machine.

d)

A good used to make other goods.

37.

What is an entrepreneur?

a)

Someone who has set up their own business

b)

Someone who is employed

c)

Someone who doesn't work

d)

Someone who works from home

38.

What challenges does an entrepreneur have?

a)

all of the above

b)

drive

c)

responsibility

d)

money

39.

Select all the examples of ways kids can be entrepreneurs (There is more than one answer).

a)

Starting a lemonade stand

b)

Starting a dog walking service

c)

Creating and selling homemade jewelry

d)

Creating and selling a "How To" guide of your favorite video game

40.

An entreprenuer should be a risk taker because they can loose all their money when starting a new business.

a)

true

b)

false

41.

An individual who undertakes the risk associated with creating, organizing, and owning a business is?

a)

a trained salesperson

b)

an entrepreneur

c)

Mathematician

d)

a farmer

42.

Why do we pay tax?

a)

The extra money goes to the government so they can improve the economy

b)

It goes to the people who ask for it.

43.

What is tax?

a)

Tax is a money that you pay to support government.

b)

Tax is fund that you save in bank for later use.

44.

Local, State and Federal Government collects taxes to

a)

to provide services to citizens

b)

to pay for their bills

c)

to save money in bank for future

45.

Which of these are paid for with taxes?

a)

public libraries

b)

soda

c)

fidget spinner

d)

pop it

46.

An economic choice is when you choose between products or services that you need or want

a)

false

b)

true

47.

Who provides money for the government job?

a)

taxpayers

b)

businesses

48.

Who creates currency/money?

a)

countries

b)

businesses

49.

Do we have to give tax always when shopping?

a)

No

b)

Yes

50.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
51.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
52.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
53.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
54.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
55.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
56.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
57.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
58.
Who buys goods or services?
a)
Producers 
b)
consumers 
59.
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.

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