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Answer Key
Grade 3 Social Studies: Economics — Resources & Trade
1.
when people or places focus on making one kind of good or service well
2.
exchanging goods or services, often for money
3.
when there is not enough of something for everyone to have all they want
4.
what you give up when you choose one option instead of another
5.
a place or system where buyers and sellers exchange goods
6.
Answers vary: become skilled, produce more efficiently
7.
Answers vary: to get goods they do not produce locally
8.
each gets what the other produces
9.
focusing on one kind of good or service
10.
exchanging goods or services
11.
not enough for everyone to have all they want
12.
what you give up when you choose
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