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Grade 3 Social Studies: Unit 2

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1. Select all the examples of scarcity
A) Having a hard time finding blackberries in the winter
B) Having a hard time finding the latest Harry Potter book the day it goes on sale
C) Having a hard time paying for the new American Girl doll
D) Having a hard time determining which Polly Pocket set to buy

2. Defination: not having enough resources to produce all the goods and services that people want

3. What problems might occur if a resource was limited buy many people wanted it?
A) Price of the resource increases
B) Price of the resource decreases
C) People have to go without resource
D) People find alternative to resource

4. Defination: the next best (second-best) choice that is given up when a decision (choice) is made

5. A person who has $15 can either buy a CD or a shirt. If he buys the shirt the opportunity cost is the CD and if he buys the CD the # is the shirt
A) opportunity cost

6. Defination: people who buy and use goods and services to meet economic wants

7. Defination: things that people make or grow that satisfy economic wants

8. Defination: actions (jobs) that people do for each other

9. Defination: money that people earn for their work

10. True or false: getting a hair cut is an example of a good.

11. Select all of the goods from the list below:
A) Apples
B) Getting your house painted
C) American Girl dolls
D) Clothes for American Girl dolls

12. Select all of the services from the list below:
A) A new car
B) Tires for the car
C) Gas for the car
D) A car wash

13. Getting taken to school is an example of a #.
A) service

14. Define income:
A) depending on someone else for goods or services
B) money that people earn for their work
C) a thing based on a new idea or way of doing things
D) gifts of nature that can be used to produce goods and services