Third graders reason through tougher economics situations. Multiple-choice items ask what happens when a lemonade stand runs out of cups with thirsty customers waiting, what to call the ten dollars Emma earns walking dogs, and which scenario shows a true trade-off. Students also identify a shoe factory as a producer.
Fill-in-the-blank questions cover a bus driver's service, high supply when many stores stock the same toy, and the math of saving three dollars a week for four weeks. Wrestling with these stories teaches kids to spot economic ideas inside ordinary choices.
Style:
Economics Basics
Part A: Multiple Choice
Circle the best answer for each question.
1. A lemonade stand runs out of cups on a hot day. Many customers are still waiting. What will most likely happen?
A) The price of lemonade will drop.
B) The stand will give lemonade away free.
C) The stand owner may raise the price.
D) Customers will stop being thirsty.
2. Emma walks dogs after school and earns ten dollars each week. What is this ten dollars called?
A) spending
B) income
C) supply
D) opportunity cost
3. Which example best shows a trade-off?
A) Buying both a hat and a scarf.
B) Finding a dollar on the ground.
C) Choosing to buy a game instead of a book because you only have enough money for one.
D) Getting a gift from a friend.
4. A shoe factory makes sneakers and ships them to stores. In this example, the factory is a ___?
A) consumer
B) service provider
C) saver
D) producer
Part B: Fill in the Blank
Write the correct answer on each line.
1. A bus driver who takes people to work each day provides a service.
2. When lots of stores sell the same toy, the supply of that toy is high.
3. If you save three dollars each week for four weeks, you will have twelve dollars.
4. A parent who buys school supplies for the family is acting as a consumer.
5. An ice cream cone on a hot day is a want because you can survive without it.
Economics Basics
★ Part A: Multiple Choice
Circle the best answer for each question.
1. A lemonade stand runs out of cups on a hot day. Many customers are still waiting. What will most likely happen?
A) The price of lemonade will drop.
B) The stand will give lemonade away free.
C) The stand owner may raise the price.
D) Customers will stop being thirsty.
2. Emma walks dogs after school and earns ten dollars each week. What is this ten dollars called?
A) spending
B) income
C) supply
D) opportunity cost
3. Which example best shows a trade-off?
A) Buying both a hat and a scarf.
B) Finding a dollar on the ground.
C) Choosing to buy a game instead of a book because you only have enough money for one.
D) Getting a gift from a friend.
4. A shoe factory makes sneakers and ships them to stores. In this example, the factory is a ___?
A) consumer
B) service provider
C) saver
D) producer
★ Part B: Fill in the Blank
Write the correct answer on each line.
1) A bus driver who takes people to work each day provides a service.
2) When lots of stores sell the same toy, the supply of that toy is high.
3) If you save three dollars each week for four weeks, you will have twelve dollars.
4) A parent who buys school supplies for the family is acting as a consumer.
5) An ice cream cone on a hot day is a want because you can survive without it.
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9 Questions
12-18 minutes
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