A natural resource is....

something that is found in nature like land, trees, & water

person who buys goods and services.

What is an example of a capital resource?

Douglass using a printing press to make newspapers.

amount of goods made and are available

person who does a job like a labor worker or a teacher.

is someone who opens their own business

What is an example of a natural resource?

Bethune using berries to make ink

a personwho makes the goods or services.

What is specialization?

when producers do one specific kind of work

Interdependence means

that people depend on each other.

the amount of money you pay to buy something

thereis not enough of something.

the thing you give up in order to get something else.

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3rd Grade Economics Review

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3rd grade economics review Georgia Standards

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Questions 19

Answers

1
A natural resource is....
a person who makes the goods or services.
things people make or grow
something that is found in nature like land, trees, & water
person who buys goods and services.
2
A consumer is....
things people make or grow
a person who makes the goods or services.
person who buys goods and services.
something that is found in nature like land, trees, & water
3
What is an example of a capital resource?
Douglass using a printing press to make newspapers.
Revere using silver to make a pot.
Bethune using berries to make ink.
4
What is supply?
money that is paid for goods
people that make goods
amount of goods made and are available
there are not enough resources
5
An example of a capital resource
bulldozer for moving dirt
a farmer
a teacher
a tree
6
A human resource is
isthe amount of money you pay to buy something
person who does a job like a labor worker or a teacher.
is someone who opens their own business
7
Entrepreneurship is
is someone who opens their own business
personwho does a job like a labor worker or a teacher.
isthe amount of money you pay to buy something
8
What is an example of a natural resource?
Bethune using berries to make ink
Douglass using a printing press to make newspapers
Revere using a hammer to make silver pots
9
An example of a natural resource
a farmer
a tree
a teacher
bulldozer for moving dirt
10
A good is....
a person who makes the goods or services.
things people make or grow
something that is found in nature like land, trees, & water
person who buys goods and services.
11
Consumers usually want to buy good at ...
low prices
high prices
12
What happens to prices when resources are scarce?
the price stays the same
the price goes up
the price goes down
13
A producer is....
personwho buys goods and services.
somethingthat is found in nature like land, trees, & water
a personwho makes the goods or services.
thingspeople make or grow
14
What is specialization?
when producers make something nice
when consumers only want one thing
when there is not enough resources
when producers do one specific kind of work
15
When prices are low, will producers make more or less of a product?
prices don't effect supply
less
more
16
Interdependence means
that people depend on each other.
means that there is not enough of something.
businesses compete with each other
17
Price is....
is someone who opens their own business
person who does a job like a labor worker or a teacher.
the amount of money you pay to buy something
18
Scarcity means....
thereis not enough of something.
I don't know!
there is too much of one thing
there is just enough of one thing
19
Opportunity cost is
the thing you give up in order to get something else.
means there is not enough of something
the good thing you get out of buying something
the money people earn for working

3rd Grade Economics Review Flashcards | StudBud