wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Unit 7 Economics SS Assessment 3rd Grade

Total questions: 20

Worksheet time: 15mins

Name
Class
Date
1.

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-

a)

profit

b)

free market

c)

donation

d)

scarcity

2.

How was Henry Ford able to sell more cars at a lower price?

a)

He used cheaper materials.

b)

He made smaller cars.

c)

He used an assembly line.

d)

He paid his employees less.

3.

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?

a)

Raise the price.

b)

Lower the price.

c)

Make more cupcakes.

d)

Eat the extra cupcakes.

4.

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?

a)

saving

b)

spending

c)

donating

d)

earning

5.

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-

a)

free market

b)

free trade

c)

free lessons

d)

free stuff

6.

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-

a)

profit

b)

decrease

c)

budget

d)

scarcity

7.

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?

a)

$2.50

b)

.50 cents

c)

$2.00

d)

$3.00

8.

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?

a)

$13

b)

$15

c)

$18

d)

$7

9.

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?

a)

Increase

b)

Decrease

10.

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?

a)

Increase

b)

Decrease

11.

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?

a)

Increase

b)

Decrease

12.

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?

a)

Increase

b)

Decrease

13.

What does supply mean in terms of the concept "supply and demand?"

a)

Products produced and sold by an enterprise.

b)

The wants or needs of the consumer.

14.

What does demand mean in terms of the concept "supply and demand?"

a)

The product produced and sold by an enterprise.

b)

The wants and needs of the consumers.

15.

What is another name for business?

a)

free market

b)

entrepreneur

c)

enterprise

16.

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.

a)

True

b)

False

17.

A free market means people can choose what to make, and people can choose what to buy.

a)

True

b)

False

18.

How did the entrepreneur Henry Ford change the world?

a)

He created cars for only the very wealthy?

b)

He made it possible for ordinary people to be able to afford a car.

c)

He didn't pay his employees well.

19.

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-

a)

Decrease the sales price.

b)

Increase the sales price.

c)

Change the the quality of the product.

d)

Do nothing at all.

20.

In a free enterprise system the government can tell the buyer what they must buy and for how much.

a)

True

b)

False