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Third grade Economics Review Flashcards | StudBud
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Third grade Economics Review
Third grade Economics Review
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End of unit economics review
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Hairdressers, restaurant cooks, and car mechanics all provide what?
Imports
Services
Goods
Exports
2
If you go to a basketball game instead of going to a movie, what is your opportunity cost?
snacks at the movie
the car to take you to the basketball game
going to a movie
going to a basketball game
3
Jamie Calkin is a local Athens, GA artist. He sells his art to others. He is a:
producer
import
consumer
export
4
Each country has their own __________ to pay for goods and services with.
currency
interdependence
demand
producer
5
The MAIN way that communities get money to pay for roads, firefighters, and public parks is:
people sell these services online
nice people do it for free
no one pays for those services
taxes
6
The U.S. brings in bananas from Costa Rica to sell. This is called what?
importing
services
currency
exporting
7
An example of INTERDEPENDENCE is:
all of the above
a mechanic needs the parts that he uses to repair cars
a farmer needs equipment to harvest the crops she has grown
a grocery store needs farmers to grow food to sell there
8
The U.S. makes cars that are sent to other countries to be sold. This is an example of a U.S.:
scarcity
export
service
currency
9
Which of these is a capital resource that is used to get milk to our school?
water and grass that cows eat and drink
cows
trucks that bring milk to our school
people that milk cows
10
At Christmas, I went to buy an iPad, but the _________ was so great that the store ran out!
supply
demand
capital resource
scarcity
11
This young man from Athens started his own business selling ice cream. He is an example of an:
entrepreneur
export
supply
natural resource
12
Things we use from nature are called what?
Human Resources
Capital Resources
Entrepreneurs
Natural Resources
13
Popcorn party! Oops - we only have 2 bags of popcorn and 60 students. This is an example of:
currency
capital resource
export
scarcity
14
I made some t-shirts that were very popular, but there are only a few left. The price will:
probably be free since I'm a nice person
probably stay the same because it doesn't matter
probably go down because of low supply and low demand
probably go up because of high demand and low supply
15
The old iPhone from 2018 is now on sale. Why?
Higher demand usually means lower prices
Lower demand usually means lower prices
Lower demand usually means store owners are sold out
This is an example of scarcity
16
What is it called when there is not much left of a resource?
Abundance
High Demand
Scarcity
Low Demand
17
What is an example of a human resource?
fruit from a crop
people that wash and package fruit
machines used to harvest fruit
pokemon
18
Which of these is an example of bartering?
John trades a book for a backpack
Mrs. Jones paid for groceries with her debit card
Sam trades a car for $20
Tim gave Tom a gift for his birthday
19
Georgia farmers grow and sell lots of peanuts. In the summer when peanuts grow, the price:
goes down because the demand is low
goes down because the supply is high
goes up because of scarcity
goes down because no one wants them
20
A person works in a factory. The money she makes for her work is called what?
Income
Goods
Producer
Consumer
21
What is something that can be bought, sold, or made?
Goods
Consumers
Producers
Services
