This Economics Test designed for 3rd grade students covers every element of the following standards in the form of selected response and true false questions:
SS3E1 The student will describe the four types of productive resources:
a. Natural (land)
b. Human (labor)
c. Capital (capital goods)
d. Entrepreneurship (used to create goods and services)
SS3E2 The student will explain that governments provide certain types of goods
and services in a market economy, and pay for these through taxes and will describe
services such as schools, libraries, roads, police/fire protection, and military.
SS3E3 The student will give examples of interdependence and trade and will
explain how voluntary exchange benefits both parties.
a. Describe the interdependence of consumers and producers of goods and services.
b. Describe how goods and services are allocated by price in the marketplace.
c. Explain that some things are made locally, some elsewhere in the country, and
some in other countries.
d. Explain that most countries create their own currency for use as money.
SS3E4 The student will describe the costs and benefits of personal spending and
A study guide is also included!