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Worksheets3rd Grade Economics
Total questions: 23
Worksheet time: 1hrs 9mins
What is opportunity cost?
the next best option that is not selected when a choice is made.
there is not enough of it.
things people make to earn money.
the choice that you make out of your possible options.
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
Ahmani has a choice to go to the beach or the mountains by a friend. She decides to go to the beach. What is her opportunity cost?
a trip to the beach
a trip to the mountains
__________ is the value of what you give up when you make a choice.
Supply
Opportunity Cost
Scarcity
Demand
Which of these is NOT an example of a need?
Water
Food
Cell phone
Shelter
A _____________ is something you would like to have, but it is not required to live.
need
want
choice
Coins or dollars that are used to buy a good or service is called _____________.
Demand
Choices
Money
Opportunity cost
A need is something we can't live without.
True
False
Which one of these items is a need and why?
DVD's: to entertain you when you get bored
a pool: to keep you cool and so you can relax
a million dollars: so you can be rich and possibly famous
a doctor: to provide medical help when needed
Someone who buys goods or services is called a ____________________
producer
consumer
Air, shelter, and food are all examples of ______________
needs
wants
Activities that satisfy people's wants and needs
Things that people make, grow, or use to satisfy wants.
Alasia gives up going to see a movie in order to study for a test. The opportunity cost is:
Get a high score
Gain more knowledge
Save money
The enjoyment of watching a movie
What is an economic choice?
the choice that you make out of your possible options.
The next best choice that is given up when an economic choice is made
money
something that you make for yourself or others
Tyliq has $3. He wants to buy 2 bags of candy and 2 bags of chips, but he can only afford one choice. He chooses the 2 bags of chips. What is his ECONOMIC CHOICE?
2 bags of candy
2 bags of chips
Tyliq has $3. He wants to buy 2 bags of candy and 2 bags of chips, but he can only afford one choice. He chooses the 2 bags of chips. What is his OPPORTUNITY COST?
2 bags of candy
2 bags of chips
What is a service?
Activities that satisfy people's wants and needs
Things that people make, grow, or use to satisfy wants.
