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Economics Review Mrs. Slaggies Third Grade
A:B: ServicesProducers 1. What is a name for things people make or grow? C:D: ConsumersGoods
Answer: D) Goods
A:B: ServicesConsumers 2. What is the name of people or businesses that do something to help people? C:D: ProducersGoods
Answer: A) Services
A:B: GovernmentEconomy 3. What is the term for the way a country produces and uses its money? C:D: GoodsServices
Answer: B) Economy
A:B: ConsumerProducer 4. What is the name of someone who grows or makes something to sell to other people or business? C:D: GoodsServices
Answer: B) Producer
A:B: GoodsProducers 5. What is the name of the person or people who buy goods and services? C:D: ConsumersServices
Answer: C) Consumers
A:B: SupplyDemand 6. What is the term for the amount of goods available at one time? C:D: ProducerConsumer
Answer: A) Supply
A:B: Demand 7. What is the term for the number of people who want the goods that are in supply? C:D: ProducerConsumer Supply
Answer: B) Demand
A:B: The price will stay the same. The price will go up. 8. What happens when the supply of an object is greater than the demand? C:D: The price will go down.It means they sold out of that object.
Answer: C) The price will go down.
A:B: TaxOpportunity Cost 9. What is the name for the shortage of a good or service in the marketplace? C:D: EconomyScarcity
Answer: D) Scarcity
A:B: ExpensesBudget 10. This is a plan for using your money. C:D: IncomeConsumers
Answer: B) Budget
A:B: IncomeBudget 11. What is the name for the money you get? C:D: ExpensesTax
Answer: A) Income
A:B: BudgetIncome 12. This is the name for things that money is spent on. C:D: ExpensesConsumers
Answer: C) Expenses
A:B: TeacherBaker C:D: DoctorPolice Officer 13. Which person provides goods?
Answer: B) Exports
A:B: MarketplaceIncome 14. This is a place where people sell things and buy things they need. C:D: BudgetTax
A) Market Place
A:B: Hand made craftMass production 15. What is it called when something is made in a factory over and over again, in a short amount of time using an assembly line? C:D: ExpenseIncome
Answer: B) Mass production
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