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3rd Grade Economics Flashcards | StudBud

Explore/3rd Grade Economics

3rd Grade Economics

9 terms·StudBud Administration·338 plays

This Quiz will review economic related vocabulary words.

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Questions 9

Answers

1
This is what it is called if someone is highly trained in just ONE area.
opportunity cost
specialization
producer
division of labor
2
When a task is broken down into many smaller tasks and everyone has a job to do it is called...
a producer!
all of the above!
a division of labor!
a service!
3
I'm going to the store to buy some __________.
producers
goods
opportunity costs
consumers
4
What is supply?
The thing consumers will make.
The amount producers will make for a certain price.
The amount consumers are willing to buy for a certain price.
The thing you give up so you get what you want.
5
What is a service?
Something you own.
Something you can touch.
Something someone does.
Something someone makes.
6
A __________makes goods or provides services.
consumer
producer
good
service
7
Demand is...
The amount producers will make for a certain price.
The amount producers are willing to buy for a certain price.
The amount consumers will make for a certain price.
The amount consumers are willing to buy for a certain price.
8
What is something you give up so you get what you most want?
consumer
specialization
producer
opportunity cost
9
Someone who buys goods and/or services is called a _________.
consumer
division of labor
good
producer