50+ Social studies worksheets for 3rd Grade on Quizizz | Free ... - Free Printable

Let’s go through each question one by one. We’ll use simple logic and basic economics ideas to find the right answers.

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Question 1:
*“the study of the buying, making, and selling of goods and services”*

This is a definition. Let’s look at the options:

- A) good → That’s something you can buy or sell (like an apple), not the study itself.
- B) economics → Yes! Economics is exactly the study of how people make choices about using resources — including buying, making, and selling things.
- C) scarcity → That means there’s not enough of something for everyone who wants it. Not the same as the whole study.

✔ Correct answer: B) economics

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Question 2:
*“If there are 4 pieces of pie and 3 people, is there scarcity?”*

Scarcity means there isn’t enough to go around for everyone who wants it.

Here, 4 pieces > 3 people → So everyone can get a piece, and there’s even one left over.

That means NO scarcity in this case.

✔ Correct answer: A) no

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Question 3:
*“I bought a lollipop for $1 and sold it to my sister for $2. Did I make a profit or incur a loss?”*

Profit = Selling price – Cost price
= $2 – $1 = $1 → That’s positive, so you made money.

Loss would be if you sold it for less than you paid.

✔ Correct answer: B) profit

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Question 4:
*“The process of choosing one good or service over another. The item not chosen is the _______.”*

When you choose one thing, you give up the next best thing you could have chosen. That’s called “opportunity cost.”

Example: If you choose to watch TV instead of doing homework, the opportunity cost is the homework you didn’t do.

So the item not chosen = opportunity cost.

✔ Correct answer: A) opportunity cost

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Question 5:
*“I go to the doctor for a checkup. The doctor is providing a _______.”*

A “good” is a physical thing you can touch (like an apple).
A “service” is something someone does for you (like a haircut, or a checkup).

Doctor giving a checkup = service.

✔ Correct answer: A) service

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Question 6:
*“trading one good or service for another is”*

This is called “bartering.” Like trading your sandwich for your friend’s chips.

“Being nice” and “profiting” don’t fit here.

✔ Correct answer: C) bartering

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Question 7:
*“I buy an apple at the supermarket. The apple is a”*

An apple is a physical item you can hold and eat → that’s a “good.”

“Opportunity cost” is what you give up when you choose something.
“Service” is something done for you (like a massage).

So apple = good.

✔ Correct answer: A) good

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Final Answer:
1. B
2. A
3. B
4. A
5. A
6. C
7. A