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Economics - Third Grade Flashcards | StudBud
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Economics - Third Grade
Economics - Third Grade
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Questions
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Answers
1
Someone who makes/sells a good or provides a service
service
consumer
need
producer
2
A very low supply
scacity
sell out
low demand
Christmas
3
If there is a LOW demand for a product and a HIGH supply, then the price will usually be
High
Doesn't matter
In the middle
Low
4
To sell good or service to people in other countries
export
profit
computers
import
5
Someone who buys a good or service
good
producer
consumer
service
6
To buy goods or services from sellers in other countries
profit
import
export
interdependence
7
Raw materials that come from the earth
human resource
Earth goods
natural resource
capital resource
8
Two countries depending on one another is known as
interdependence
independence
imports
technology
9
To trade goods and services for something other than money
barter
equal trade
interdependence
international trade
10
What did Henry Ford invent that changed production?
assembly lines
factories
robots
international trade
11
Rent and materials are examples of
wages
overhead
natural reources
bartering
12
A robot that works in a factory is a
super cool
human resource
capital resource
natural resource
13
The baker who mix the dough is a
capital resource
natural resource
worker
human resource
14
Money that is left over after all overhead has been paid
profit
rent
barter
wage
15
A building in which goods are made
WalMart
factory
assembly line
school
16
Overhead includes
power bill
wages
All of the above
rent
17
Which business provides a service
Clothes Store
Pet Groomers
Bass Pro Shop
Publix
18
The money paid to workers for the work that they do
overhead
trade
wage
profit