WorksheetsEconomics - 3rd Grade
Total questions: 34
Worksheet time: 27mins
buying goods or services from sellers in other countries
(a)
how much of a good or service is available
(a)
when people exchange goods or services and both people benefit
(a)
what you give up when you make a choice
(a)
how much people want a good or service
(a)
shortage; not having enough; a lack of goods or services; demand is high, but supply is low
(a)
selling goods or services to people in other countries
(a)
the things people make, sell and buy
(a)
a person who makes and sells goods or services
(a)
work people do for other people
(a)
a person who buys goods or services
(a)
depending on each other; producers and consumers depend on each other
(a)
extra goods or services; too much; supply is high and demand is low
(a)
Which statement below is NOT true about goods?
Goods are made by producers.
Mowing someone’s lawn is an example of a good.
Toys, food, and clothes are examples of goods.
People exchange goods by bartering or buying.
Which is an example of a service?
buying groceries at Kroger
paying for ice cream at Brusters
paying someone to paint your house
buying a toy at Wal-Mart
Which is an example of a producer?
a mother buying baby food
a man paying for a haircut
a child buying lunch from the cafeteria
a farmer selling vegetables at a market
the form of money that people in a country use
(a)
Ashley sold lemonade for $3.00 a cup and had a few customers.
What will probably happen if she lowers the price to $2.00?
More people would buy her lemonade.
Fewer people would buy her lemonade.
Ashley would sell less lemonade.
People would stop buying her lemonade.
Many consumers want to buy the newest iPhone, so there is a high demand. However, the supply is very low. What will most likely happen to the price?
The price will increase.
The price will decrease.
The price will stay the same.
The phones will be free.
money earned by a producer (after expenses are paid)
(a)
The ice cream man drives a truck through the neighborhood selling ice cream. Which of the following BEST describes his truck?
land resource
capital resource
human resource
natural resource
What do capital resources provide to businesses?
man-made tools, equipment and supplies
land and other raw materials from the earth
labor and skills from workers
customers
What do natural resources provide to businesses?
man-made tools, equipment and supplies
land and other raw materials from the earth
labor and skills from workers
customers
What do human resources provide to businesses?
man-made tools, equipment and supplies
land and other raw materials from the earth
labor and skills from workers
customers
What kind of productive resource is the sun?
natural resource
human resource
capital resource
an entrepreneur
What kind of productive resource is the a computer?
natural resource
human resource
capital resource
an entrepreneur
What kind of productive resource is the a worker?
natural resource
human resource
capital resource
an entrepreneur
Taylor wants to open her own car flower shop. She has plenty of flowers and workers, but she does not have a building. What type of resource is the building?
natural resource
human resource
captial resource
an entrepreneur
Who would a business consider a human resource?
Someone who takes the risk to start the business
Someone who comes to their store to shop
Someone who buys their goods or services
Someone who works for the business
John decided to start a pet walking business. Which of the following BEST describes John?
John is a consumer
John is an entrepreneur
John is a natural resource
John is a capital resource
(a) resources come from nature
(a) resources are the labor (work), skills, and knowledge people provide
(a) resources are man made things like tools, trucks, machines, equipment and technology
a person who takes the risk to start a new business
they could lose all of their money taking this risk
(a)
