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Economics! Flashcards | StudBud

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Economics!

5 terms·StudBud Administration·748 plays

Quick quiz on 3rd Grade Social Studies (Economics) vocabulary... wants/needs, opportunity cost, supply/demand, scarcity/abundance.

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Questions 5

Answers

1
What is "opportunity cost"?
how much time you spend on homework
the price of an item
what you give up in order to get something else
how much money you have
2
The acorn is an example of ______________ .
scarcity
opportunity cost
abundance
want
3
Which is an example of a "need"?
Internet
Shelter
Books
Cupcakes
4
"Abundance" means ...
low supply, big demand
low supply, low demand
big supply, low demand
it's a made-up word
5
Which is an example of opportunity cost?
Being friends with 2 people
Putting ketchup on your hamburger
Eating cake and ice cream
Playing outside instead of a video game