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3rd Grade Economics Flashcards | StudBud
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3rd Grade Economics
3rd Grade Economics
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1
What is the MAIN way communities get money in order to build schools and roads?
D. garage sales
C. bake sales
B. gifts
A. taxes
2
Which of the following situations will MOST LIKELY make the price of an item go down?
B) The supply of the item is greater than the demand for it.
C) The price of the labor needed to make the item increases.
A) Price of the resource needed to make the item increases.
D) The demand for the item is greater than the supply.
3
Which factor of production is the term used to describe natural resources?
B) labor
A) land
D) consumption
C) capital
4
Which of the following buildings would MOST LIKELY be paid for by tax money?
C) a gas station
D) a bakery
A) an elementary school
B) a shopping mall
5
When the dog groomer buys dog shampoo, what role does he have in the economic system?
A) producers
D) comparative
C) productive
B) consumers
6
Shelly has a map of Georgia. It only shows areas where peaches are grown. What map is this?
A) physical
C) landform
B) political
D) resource
7
Which of the following is an example of economics?
C) The people of the US come from many different places.
D) The US buys oil for use at home from other countries.
B) The US declared its independence from Great Britain.
A) The government of the US is divided into three branches.
8
Land, labor, and capital (machines) are used to produce goods and services. These are known as
D) the factors of production.
A) natural resources.
B) the laws of consumption.
C) the law of supply and demand.
9
All of the following are paid for by taxes EXCEPT
B) the police force.
D) parks and recreation.
A) beauty shops.
C) the fire department.
10
Why do members of a community have to pay taxes?
D) to pay for services provided by the government
C) so that people do not have to pay for their groceries
B) to pay for everything people want
A) so that most people can buy a new car
11
The factors of production include capital (machines), labor, and
C) land resources.
A) government decisions.
B) workers' skills.
D) buyers' needs.
12
What do we call the skills of workers and the hours they work to make the product?
A) investment
D) labor
C) market
B) capital
13
What does tax money help to build?
B) restaurants
D) grocery stores
A) public roads
C) gas stations
14
Which of the following is an example of interdependence?
D) People grow their own food.
C) People need goods and services provided by other people.
B) People often move to places that aren't as crowded.
A) People make their own clothing.
15
Which are usually built by the government with tax money?
C) barber shops
A) roads
B) factories
D) grocery stores
16
There are different kinds of taxes, such as income tax and sales tax. What is a tax?
A) money collected by the government
B) a plan for using money
D) the buying and selling of products
C) a car that carries passengers for money
17
Which of the following is an example of a natural resource?
D) money
A) water
C) investors in a company
B) workers in a factory
18
Which one of these is the best example of a person wanting to be an entrepreneur of a service?
C) Sarah pet sitting her neighbor's pets for a price
D) Veronica buying lemonade at the neighborhood pool
A) Casey donating her toys to charity
B) Dillion trading his baseball cards
19
Which natural resource would MOST LIKELY contribute to the growth of a coastal community?
D) farmland
C) minerals
A) fish
B) forests
