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WorksheetsUnit 7 Economics SS Assessment 3rd Grade
Total questions: 20
Worksheet time: 15mins
Mrs. Jones has 20 kids in her class who want to color with markers. There are only 5 markers in the class. This is an example of-
profit
free market
donation
scarcity
How was Henry Ford able to sell more cars at a lower price?
He used cheaper materials.
He made smaller cars.
He used an assembly line.
He paid his employees less.
Ms. Guerra's class is having a bake sale, and very few people are buying their cupcakes. Which is the best way for the class to sell more cupcakes?
Raise the price.
Lower the price.
Make more cupcakes.
Eat the extra cupcakes.
Your parents decide they want to buy a new car next year. They put away some money from their jobs each month so they will have enough to get a new car. What are your parents doing with their money?
saving
spending
donating
earning
You go to a shoe store in the mall and notice that there are so many different brands of shoes to choose from. You have a choice in what brand and style of shoes you want to buy. This is an example of the-
free market
free trade
free lessons
free stuff
You go to the mall to buy the latest Air Jordan's by Nike. When you get there, you notice every shoe store has a sign in the window that says "Air Jordan's sold out!" This is an example of-
profit
decrease
budget
scarcity
If it costs Vanessa 50 cents to make a bracelet, and she sells them for $2.50. How much money in profit is Vanessa earning per bracelet?
$2.50
.50 cents
$2.00
$3.00
You have $20 to spend on a birthday party for your pet bird. You decide you want to save $5 and donate $2 to the local pet shelter. How much money does that leave to spend on items for the party?
$13
$15
$18
$7
Ranchers reported that the good weather has allowed the cows more
time to eat pasture grass so the cows are producing more milk. The
number of families purchasing milk has decreased. Will the cost of milk
increase or decrease?
Increase
Decrease
Mr. Matherly purchased 75 umbrellas to sell during the rainy season. Due
to the drought, Mr. Matherly has only sold one umbrella in 5 weeks.
Should Mr. Matherly increase or decrease the cost of his umbrellas?
Increase
Decrease
Florida is known for producing juicy delicious oranges. This year the
weather was too cold, and very few oranges survived the cold
temperatures. More and more consumers want to buy oranges because
they are full of vitamin C. Will the cost of the oranges increase or
decrease?
Increase
Decrease
Temperatures this summer have been very hot and ice cream sales have
increased throughout the city. However, the newscaster has reported
that no ice cream will be delivered until the truck drivers go back to work.
It seems that truck drivers want better pay. Do you think that the cost of
ice cream will increase or decrease?
Increase
Decrease
What does supply mean in terms of the concept "supply and demand?"
Products produced and sold by an enterprise.
The wants or needs of the consumer.
What does demand mean in terms of the concept "supply and demand?"
The product produced and sold by an enterprise.
The wants and needs of the consumers.
What is another name for business?
free market
entrepreneur
enterprise
In a "Free Enterprise System" a business can set the price of their product, choose the location of their business, and decide which goods or services to sell.
True
False
A free market means people can choose what to make, and people can choose what to buy.
True
False
How did the entrepreneur Henry Ford change the world?
He created cars for only the very wealthy?
He made it possible for ordinary people to be able to afford a car.
He didn't pay his employees well.
You are a young entrepreneur who has decided to make and sell your own brand of healthy fruit drinks. You've noticed your fruit drinks are in high demand and you are always selling out. You've decided you want to make a better profit on your fruit drinks. Should you-
Decrease the sales price.
Increase the sales price.
Change the the quality of the product.
Do nothing at all.
In a free enterprise system the government can tell the buyer what they must buy and for how much.
True
False
