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Economics
Grade 3
| Question | Answer |
|---|---|
| I chose ice cream instead of a popsicle. What was my opportunity cost? | popsicle |
| I chose a video game instead of a DVD. What was my opportunity cost? | DVD |
| What is a decision that we make when picking out something to buy out of two or more things? | economic choice |
| We can not have everything that we want. So, we have to make _____________ . | choices |
| What we give up to buy something is called _________________________________ . | opportunity cost |
| I might not be able to buy something because I do not have enough money. I may need to put my money in a savings _________ so that I can have enough money to make the purchase later. | account |
| What do we call things that we have to have in order to live? | needs |
| What do we call things that we would like to have but we do not have to own them to live? | wants |
| A skateboard or an apple? Which one is the want? | skateboard |
| An ipod nano or water? Which one is a need? | water |
| The market price is is the same as this. | monetary cost |
| A person or thing that makes a good or provides a service. | producer |
| A person who purchases goods and services. | consumer |
| Money put away in a bank for use in the future. | savings |
| To trade for a good or a service without using money | barter |
| What do we call it when two things depend on each other? | interdependence |
Created by:
mrstompkins
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