NumicornNumicornLearn, solve, progress

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.

Select a test

5 Tests
1. Test2. Test3. Test4. Test5. Test

2. 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 scarcity?

Please select an answer first.

Correct answer: A

The correct answer is The condition of having limited resources but many wants.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Scarcity means resources are limited, so people must make choices.
  3. Check the choice: The correct choice is The condition of having limited resources but many wants.

Scarcity means resources are limited, so people must make choices.

2. QuestionMultiple choice

Which is a natural resource used in production?

Please select an answer first.

Correct answer: B

The correct answer is Water.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Water comes from nature and can be used by people and businesses.
  3. Check the choice: The correct choice is Water.

Water comes from nature and can be used by people and businesses.

3. QuestionMultiple choice

Which is a human resource?

Please select an answer first.

Correct answer: C

The correct answer is A worker’s time, skills, and effort.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Human resources are the work and skills people contribute to production.
  3. Check the choice: The correct choice is A worker’s time, skills, and effort.

Human resources are the work and skills people contribute to production.

4. QuestionMultiple choice

Which is a capital resource?

Please select an answer first.

Correct answer: D

The correct answer is A machine used to make products.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Capital resources are tools, machines, buildings, and equipment used to produce goods or services.
  3. Check the choice: The correct choice is A machine used to make products.

Capital resources are tools, machines, buildings, and equipment used to produce goods or services.

5. QuestionMultiple choice

Why are resources important to producers?

Please select an answer first.

Correct answer: A

The correct answer is Producers use resources to make goods or provide services..

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Natural, human, and capital resources help producers create goods and services.
  3. Check the choice: The correct choice is Producers use resources to make goods or provide services..

Natural, human, and capital resources help producers create goods and services.

6. QuestionMultiple choice

A farmer uses soil, seeds, tools, and workers. What do these represent?

Please select an answer first.

Correct answer: B

The correct answer is Resources used to produce crops.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Soil, seeds, tools, and workers are inputs used in farming production.
  3. Check the choice: The correct choice is Resources used to produce crops.

Soil, seeds, tools, and workers are inputs used in farming production.

7. QuestionMultiple choice

What is a budget?

Please select an answer first.

Correct answer: C

The correct answer is A plan for how to use money.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: A budget helps people plan spending, saving, and other uses of money.
  3. Check the choice: The correct choice is A plan for how to use money.

A budget helps people plan spending, saving, and other uses of money.

8. QuestionMultiple choice

Why might a family make a budget?

Please select an answer first.

Correct answer: D

The correct answer is To plan spending and make sure money covers important needs..

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: A budget helps a family organize limited money and prioritize needs.
  3. Check the choice: The correct choice is To plan spending and make sure money covers important needs..

A budget helps a family organize limited money and prioritize needs.

9. QuestionMultiple choice

What is opportunity cost?

Please select an answer first.

Correct answer: A

The correct answer is The next best choice given up when a decision is made.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: Choosing one option means giving up another option, which is its opportunity cost.
  3. Check the choice: The correct choice is The next best choice given up when a decision is made.

Choosing one option means giving up another option, which is its opportunity cost.

10. QuestionMultiple choice

Maya spends her money on a book instead of a toy. What is the opportunity cost?

Please select an answer first.

Correct answer: B

The correct answer is The toy she chose not to buy.

  1. Read the economics clue: Identify the need, want, good, service, resource, trade, or choice described.
  2. Apply the economics idea: The toy is the next best option Maya gave up when she chose the book.
  3. Check the choice: The correct choice is The toy she chose not to buy.

The toy is the next best option Maya gave up when she chose the book.

Previous testNext test

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.