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Grade 3 Social Studies · Economics and Trade

Grade 3 Economics and Trade Practice Test

Build Grade 3 Social Studies skills with five 10-question practice tests on needs, wants, goods, services, resources, scarcity, trade, money, saving, and markets.

Economics and Trade Practice Tests

These Grade 3 Social Studies practice tests introduce how people and communities use limited resources to make choices. Students identify needs, wants, goods, services, producers, consumers, natural and capital resources, scarcity, trade, money, saving, markets, and public services.

Skills covered

  • Distinguishing needs from wants
  • Identifying goods, services, producers, and consumers
  • Recognizing natural, human, and capital resources
  • Explaining scarcity, choices, budgets, and opportunity cost
  • Understanding trade, barter, money, imports, and exports
  • Recognizing supply, demand, saving, markets, and public services

How to use these practice tests

First identify whether the question describes a good, service, producer, consumer, resource, or choice. For trade questions, look for an exchange between people or places. For scarcity questions, remember that limited resources require decisions about what to use, buy, save, or give up.

For more Grade 3 Social Studies practice, return to the Grade 3 Social Studies category.

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5 Tests
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1. Test

Grade 3 Economics and Trade Practice Tests

A 10-question Grade 3 Social Studies practice test on needs, wants, goods, services, producers, consumers, resources, scarcity, trade, money, saving, and markets.

Read each economics question carefully. Identify the need, want, good, service, resource, producer, consumer, trade term, or economic choice that best fits.

10 Questions
0/10 Questions0 %
Correct 0
Incorrect 0
Unanswered 10
1. QuestionMultiple choice

What is a need?

Please select an answer first.

Correct answer: A

The correct answer is Something necessary for people to live safely and healthily.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Food, water, shelter, and basic safety are examples of needs.
  3. Check the choice: The correct choice is Something necessary for people to live safely and healthily.

Food, water, shelter, and basic safety are examples of needs.

2. QuestionMultiple choice

What is a want?

Please select an answer first.

Correct answer: B

The correct answer is Something people would like to have but can live without.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: A want can make life more enjoyable but is not necessary for basic survival.
  3. Check the choice: The correct choice is Something people would like to have but can live without.

A want can make life more enjoyable but is not necessary for basic survival.

3. QuestionMultiple choice

Which is a good?

Please select an answer first.

Correct answer: C

The correct answer is A backpack that someone can buy and use.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: A good is a physical object that people can buy or use.
  3. Check the choice: The correct choice is A backpack that someone can buy and use.

A good is a physical object that people can buy or use.

4. QuestionMultiple choice

Which is a service?

Please select an answer first.

Correct answer: D

The correct answer is A nurse caring for a patient.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: A service is work done for someone, while the other choices are physical goods.
  3. Check the choice: The correct choice is A nurse caring for a patient.

A service is work done for someone, while the other choices are physical goods.

5. QuestionMultiple choice

Who is a consumer?

Please select an answer first.

Correct answer: A

The correct answer is A person who uses or buys goods and services.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Consumers use or purchase goods and services to meet needs and wants.
  3. Check the choice: The correct choice is A person who uses or buys goods and services.

Consumers use or purchase goods and services to meet needs and wants.

6. QuestionMultiple choice

Who is a producer?

Please select an answer first.

Correct answer: B

The correct answer is A person or business that makes goods or provides services.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Producers create goods or provide services for consumers.
  3. Check the choice: The correct choice is A person or business that makes goods or provides services.

Producers create goods or provide services for consumers.

7. QuestionMultiple choice

Which is an example of a producer?

Please select an answer first.

Correct answer: C

The correct answer is A baker who makes bread to sell.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: The baker produces a good that consumers can buy.
  3. Check the choice: The correct choice is A baker who makes bread to sell.

The baker produces a good that consumers can buy.

8. QuestionMultiple choice

Which is an example of a consumer?

Please select an answer first.

Correct answer: D

The correct answer is A family buying vegetables at a market.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: The family is consuming or purchasing the vegetables.
  3. Check the choice: The correct choice is A family buying vegetables at a market.

The family is consuming or purchasing the vegetables.

9. QuestionMultiple choice

Why do people make choices about wants?

Please select an answer first.

Correct answer: A

The correct answer is They have limited money, time, or resources..

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Limited resources mean people must choose how to use money, time, and materials.
  3. Check the choice: The correct choice is They have limited money, time, or resources..

Limited resources mean people must choose how to use money, time, and materials.

10. QuestionMultiple choice

Which statement best compares goods and services?

Please select an answer first.

Correct answer: B

The correct answer is Goods are physical objects, while services are work done for someone..

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Goods can be touched and used, while services are actions or work provided to others.
  3. Check the choice: The correct choice is Goods are physical objects, while services are work done for someone..

Goods can be touched and used, while services are actions or work provided to others.

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Frequently asked questions about Grade 3 Economics and Trade

What is scarcity?

Scarcity means resources are limited while people have many needs and wants, so choices are necessary.

What is the difference between a good and a service?

A good is a physical object people can use or buy, while a service is work done for someone.

How many questions are on this page?

The page includes five mini tests with 10 questions each, for 50 Grade 3 Economics and Trade questions in total.