Let’s go through each question one by one and solve them step by step.
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Question 1:
*“the study of the buying, making, and selling of goods and services”*
This is the definition of
economics.
- “Good” is a thing you can buy or sell.
- “Scarcity” means not enough of something.
So the correct answer is
B: economics
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Question 2:
*If there are 4 pieces of pie and 3 people, is there scarcity?*
Scarcity happens when there isn’t enough for everyone to have what they want.
Here, 4 pies > 3 people → everyone can have at least one piece (and one left over).
So,
no scarcity.
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 profit
So, you made a
profit.
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 option — that’s called
opportunity cost.
Example: If you choose ice cream over cake, the cake is your opportunity cost.
Answer:
A: opportunity cost
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Question 5:
*I go to the doctor for a checkup. The doctor is providing a _______.*
A checkup is an action or help someone gives you — that’s a
service, not a physical object.
Answer:
A: service
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Question 6:
*trading one good or service for another is*
That’s called
bartering — like trading your toy for your friend’s book without using money.
“Being nice” or “profiting” aren’t the right terms here.
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 thing you can hold and eat — that’s a
good.
Not a service (that would be if someone peeled it for you), and not opportunity cost (that’s what you gave up to get it).
Answer:
A: good
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Final Answer:
1. B
2. A
3. B
4. A
5. A
6. C
7. A
Parent Tip: Review the logic above to help your child master the concept of social studies for 3rd grade worksheet.
