Third Grade Economy 1. What is a name for things people make or grow? A: Services B: Producers C: Consumers D: Goods GOOD JOB! D) Goods 2. What is the name of people or businesses that do something to help people? A: Services B: Consumers C: Producers D: Goods GOOD JOB! A) Services 3. What is the term for the way a country produces and uses its money? A: Government B: Economy C: Goods D: Services GOOD JOB! B) Economy 4. What is the name of someone who grows or makes something to sell to other people or business? A: Consumer B: Producer C: Goods D: Services GOOD JOB! B) Producer 5. What is the name of the person or people who buy goods and services? A: Goods B: Producers C: Consumers D: Services GOOD JOB! C) Consumers 6. What is the term for the amount of goods available to sell? A: Supply B: Demand C: Producer D: Consumer GOOD JOB! A) Supply 7. What is the term for the workers at a workplace Example: teachers, doctors, and sales clerks A: Capital Resources B: Human Resources C: Producer D: Demand GOOD JOB! B) Human Resources 8. What happens when the supply of an object is greater than the demand? (Too much stuff left over and no one wants it.) A: The price will stay the B: The price will go up. same. C: The price will go down. D: It means they sold out of that object. GOOD JOB! C) The price will go down. 9. What is the name for the shortage of a good or service in the marketplace? A: Tax B: Opportunity Cost C: Economy D: Scarcity GOOD JOB! D) Scarcity 10. This is a plan that helps you decide how to use your money. A: Expenses B: Budget C: Income D: Consumers GOOD JOB! B) Budget 11. What is the name for the money you earn for doing a job? A: Income B: Budget C: Expenses D: Tax GOOD JOB! A) Income 12. This is the name for things that money is spent on. A: Budget B: Income C: Expenses D: Consumers GOOD JOB! C) Expenses 13. Look at the choices below. Which person provides goods? A: Teacher B: Baker C: Doctor D: Police Officer GOOD JOB! B) baker 14. Look at the choices below. Which is a natural resource? A: trees B: chairs C: trucks D: televisions GOOD JOB! A) trees That is incorrect. Please try again. 15. What is the term for the tools, equipment, and buildings we use to help produce things. Examples: trucks, computers, cash registers A: Human Resources B: Capital Resources C: Expense D: Income Answer: B) Capital Resources Great Job!!!! Thanks for playing!
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