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Grade 3- Revision 1

Total questions: 60

Worksheet time: 39mins

Name
Class
Date
1.

1) Which of these is a need?

a)

A. clean air

b)

B. new jeans

c)

C. cool sneakers

d)

D. your favorite candy

2.

2) Which of these is a want?

a)

A. food

b)

B. water

c)

C. shelter

d)

D. smartphone

3.

4) Living on a budget means you

a)

A. can never buy anything fun.

b)

B. should get everything that you want.

c)

C. don’t have to make choices about your money.

d)

D. are planning how to spend and save your money.

4.

NEEDS are things we

a)

don't really need but would like to have.

b)

must have in order to survive.

5.

Which do you NEED to survive?

a)
b)
6.

Which is a WANT we would like to have but do not need to survive?

a)
b)
7.

WANTS are things we

a)

must have in order to survive.

b)

would like to have but don't really need.

8.

Soda is a need.

a)
b)
9.

Air is a want.

a)
b)
10.

5) Which of these is an example of a good?

a)

A. a laptop

b)

B. an apple

c)

C. a backpack

d)

D. all of the above

11.

7) Using money to buy goods and services is called.

a)

A. spending.

b)

B. investing.

c)

C. wanting.

d)

D. saving.

12.

9) Which of these is an example of saving money?

a)

A. putting $10 in a bank

b)

B. buying a sandwich for $6

c)

C. walking around a toy store

d)

D. selling your old jeans for $5

13.

What are choices?

a)

things we need

b)

things we want

c)

two or more things we can pick from

d)

money

14.

Food and water are wants.

a)

True

b)

False

15.

Timmy trades a chocolate cookie for a vanilla muffin. This is called

a)

barter

b)

purchase

c)

choice

d)

need

16.

What is barter?

a)

to use money to pay for something

b)

necessary for every day

c)

two or more things

d)

to trade one thing for another thing

17.

How can people meet their needs?

a)

Buy a lot of cookies and chips.

b)

use money, go to the store and buy things

c)

two or more things to pick from

18.

Tina uses money to buy cookies in the supermarket. This is

a)

barter

b)

purchase

c)

need

d)

choice

19.

If something is scarce it is _______________

a)

everywhere

b)

a lot

c)

limited

d)

cold

20.

Games, computers, and toys are __________.

a)

needs

b)

choices

c)

wants

d)

cost

21.

Families need to take care of their needs first.

a)

True

b)

False

22.

Food, water, clothing and shelter are _____________.

a)

wants

b)

choices

c)

needs

d)

benefits

23.

The carpenter trades a table for boots. This is an example of _______________.

a)

benefit

b)

barter

c)

purchase

d)

choice

24.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
25.
House: Goods or Service?
a)
Goods
b)
Service
26.
Maya grows and sells fruit from her farm. Maya is a ________.
a)
producer
b)
consumer
27.
Leah goes to the store and buys items to make dinner. Leah is a _________.
a)
producer
b)
consumer
28.

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

a)

True

b)

False

29.
Who buys goods or services?
a)
Producers 
b)
consumers 
30.

When you buy books from the Book Fair, you are a...?

a)

Kid

b)

Librarian

c)

Consumer

d)

Service

31.

What is this a picture showing?

a)

producers selling goods

b)

producers giving a service

32.

What is a producer?

a)

Anything that eats what is produced.

b)

Anything that makes and provides food for itself or others.

33.

Ana is a chef. She bakes cakes and bread. Is Ana a consumer or a producer?

a)

producer

b)

consumer

34.

Tim is a doctor. He gives services to people who are sick. Is he a consumer or a producer?

a)

A consumer

b)

A producer

35.

Billy is a factory worker. He makes things in the factory. Is he a producer or a consumer?

a)

A consumer

b)

A producer

36.

Sandra buys things she needs everyday. Is she a consumer or a producer?

a)

A consumer

b)

A producer

37.

People can be both a consumer and a producer.

a)

True

b)

False

38.

Doctors and nurses can be a producer and a consumer.

a)

TRUE

b)

FALSE

39.

Students are producers.

a)

TRUE

b)

FALSE

40.

Farmers are producers.

a)

TRUE

b)

FALSE

41.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
42.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
43.

A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?

a)

interdependence

b)

specialization

c)

opportunity cost

d)

barter

44.

Opportunity cost is the value of all the choices given up

a)

True

b)

False

45.

Not all choices have opportunity cost

a)

True

b)

False

46.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
47.

Which type of resource is the chef ?

a)

Human

b)

Capital

c)

Natural

48.

water

a)

human resource

b)

capital resource

c)

natural resource

49.

baker

a)

human resource

b)

capital resource

c)

natural resource

50.

screwdriver

a)

human resource

b)

capital resource

c)

natural resource

51.

computer

a)

human resource

b)

capital resource

c)

natural resource

52.

coal

a)

human resource

b)

capital resource

c)

natural resource

53.

mail carrier

a)

human resource

b)

capital resource

c)

natural resource

54.

What is an example of a human resource?

a)

Soil

b)

Teacher

c)

Oven

55.

A ________ resource is a tool that is used to make something or do a job.

a)

Capital

b)

Natural

c)

Human

56.

A ______ resource is found in nature.

a)

Human

b)

Natural

c)

Capital

57.

What are the 3 types of Economic Resources?

a)

Clothing, Food and Water

b)

Natural, Capital, and Human

c)

Goods, Services, and Money

58.

Water, Wood, Oil and rocks are all examples of what type of resource?

a)

Natural

b)

Capital

c)

Human

59.

Teachers, Farmers, and Builders are all examples of what type of resource?

a)

Natural

b)

Human

c)

Capital

60.

Tools, Money, Buildings, and Vehicles are all examples of what type of resource?

a)

Human

b)

Natural

c)

Capital

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