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