3rd Grade Economics Review

Which item is a service?

• jeans

• book

• computer

• haircut

Which is an example of a natural resource?

• tractor

• police officer

• tree

• cup

Which item is a need?

• bubble gum

• food

• baseball

• iPad

A hairdresser in a salon is a _______ resource.

• human

• natural

• capital

Businesses provide the goods and services we want by:

• saving them

• producing them

• wanting them

• borrowing them

Opportunity Cost means:

• your best choice

• the price of the item

• the price of the productive resources

• the best thing you give up when you choose something

Which item is a need?

• winter coat

• board games

• skateboard

• movie

Which event describes Bob as a consumer?

• Bob went to the store and bought lemons, sugar, and cups

• Bob made a sign and set up a table for a lemonade stand

• Bob sold cups of lemonade for $2

Which is an example of a service at Market Day?

• cookies and brownies

• nail salon

• bookmarks

• bracelets

Which information do you NOT need for creating a budget?

• A list of monthly expenses and bills

• An estimation of monthly income

• A list of favorite stores