Students tackle advanced economics questions about price changes, consumer behavior, and opportunity cost. Part A has four multiple-choice questions about prices falling with high apple supply, a description of a consumer, and savings after a purchase. Part B has five fill-in-the-blank problems about high supply, a mechanic as a service provider, and opportunity cost from a cookie-versus-cupcake choice.
Opportunity cost questions push third graders to think about trade-offs — a key economic reasoning skill they will use throughout their education.
Style:
Economics Basics
Part A: Multiple Choice
Circle the best answer for each question.
1. A town has many apple trees this year so stores are full of apples. What will most likely happen to the price of apples?
A) The price will go up.
B) The price will go down.
C) The price will double.
D) Apples will disappear.
2. Which sentence best describes a consumer?
A) A person who makes clothes in a factory.
B) A person who buys a shirt at a store.
C) A person who delivers packages to homes.
D) A person who grows wheat on a farm.
3. Jake earns five dollars for doing chores. He spends three dollars on candy. How much does he save?
A) Five dollars.
B) Three dollars.
C) Two dollars.
D) Zero dollars.
4. Which pair are both needs rather than wants?
A) A tablet and a video game.
B) Food and shelter.
C) A skateboard and ice cream.
D) A comic book and a toy car.
Part B: Fill in the Blank
Write the correct answer on each line.
1. When there are more items than people want, the supply is high.
2. A mechanic who fixes cars is providing a service.
3. If you choose a cookie over a cupcake, the cupcake is your opportunity cost.
4. People earn money so they can pay for things they need or want.
5. A store that sells many kinds of goods to families is meeting consumer demand.
Economics Basics
★ Part A: Multiple Choice
Circle the best answer for each question.
1. A town has many apple trees this year so stores are full of apples. What will most likely happen to the price of apples?
A) The price will go up.
B) The price will go down.
C) The price will double.
D) Apples will disappear.
2. Which sentence best describes a consumer?
A) A person who makes clothes in a factory.
B) A person who buys a shirt at a store.
C) A person who delivers packages to homes.
D) A person who grows wheat on a farm.
3. Jake earns five dollars for doing chores. He spends three dollars on candy. How much does he save?
A) Five dollars.
B) Three dollars.
C) Two dollars.
D) Zero dollars.
4. Which pair are both needs rather than wants?
A) A tablet and a video game.
B) Food and shelter.
C) A skateboard and ice cream.
D) A comic book and a toy car.
★ Part B: Fill in the Blank
Write the correct answer on each line.
1) When there are more items than people want, the supply is high.
2) A mechanic who fixes cars is providing a service.
3) If you choose a cookie over a cupcake, the cupcake is your opportunity cost.
4) People earn money so they can pay for things they need or want.
5) A store that sells many kinds of goods to families is meeting consumer demand.
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9 Questions
12-18 minutes
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