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3rd Grade Economics Flashcards | StudBud
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3rd Grade Economics
3rd Grade Economics
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3rd grad economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A barber shop is an example of a...
service
demand
supply
consumer
2
The amount of a product (good or service) there is to be sold is called the...
supply
demand
amount
production
3
An import is a product or good that is...
brought into a country from another
sold only in the marketplace
made for the first time
sent to another city
4
Something one person does for another is a...
producer
consumer
good
service
5
When you use a credit card to buy something, you...
are receiving a gift
get the item for free
don't have to pay for it
are borrowing money and must pay it back
6
A person who buys a product (good) or service is called a...
shopper
advertiser
seller
consumer
7
If you want to send a product to another country, you would ______ it...
import
produce
<p>consume</p>
export
8
What is opportunity cost?
The cost of a good or service.
The opportunity to go shopping.
What you give up when you make a choice.
What you pay for with a credit card.
9
An example of a good that you use each day would be...
a massage
a taxi
a toothbrush
school
10
A consumer is someone who...
provides a service.
exports goods.
buys or uses a good or service.
makes a good.
11
All of these are basic needs EXCEPT for...
shelter
water
pets
air
12
People who make goods or provide services are called...
producers
buyers
consumers
demanders
13
An example of a service you might find in your community would be...
a trampoline
a salon
<p>car</p>
an iPad
14
Things you must have in order to survive are called...
likes
wants
survivals
needs
15
Things you would like to have are called...
things
likes
needs
wants
16
A pencil is an example of a...
export
service
good
consumer
17
How much a good or service is wanted is called...
want
need
demand
supply
18
I can use $5 to buy candy or a toy. I choose the toy. What is my opportunity cost?
The candy.
I have no idea.
The money.
The toy.
19
An iPad is an example of a...
service
want
consumer
need
20
Food is an example of a...
basic need
producer
consumer
want
