free economics worksheets grade 3

💡 Understanding Economics: A Kid's Guide!

Economics might sound like a big word, but it's really about how people get what they need and want! Imagine you have a yummy snack, but your friend also wants it – what do you do? Economics helps us understand how we make choices when we can't have everything we wish for. We'll learn about important ideas like 'needs' (things you must have to live, like food), 'wants' (things you'd like but don't really need, like a new toy), and how people work to give us 'goods' (things we can buy and touch) and 'services' (things people do for us, like cutting our hair or teaching us).

The world has lots of cool stuff, but sometimes there isn't enough for everyone, which we call 'scarcity.' Because of scarcity, we all have to make choices every single day about what's most important to us. These worksheets will help you explore these fun ideas and become a super-smart economist!

📚 Part A: Vocabulary Challenge!

Instructions: Match the economics word to its correct meaning below. Draw a line from the word to its definition, or write the number of the word next to the right definition!

• 1️⃣ Need: Something you must have to live, like food or a place to sleep.
• 2️⃣ Want: Something you would like to have, but don't need to live, like a new video game.
• 3️⃣ Good: A physical thing that someone makes or grows that you can buy and touch, like a toy car or an apple.
• 4️⃣ Service: Work that someone does for other people, like a doctor helping you feel better or a teacher helping you learn.
• 5️⃣ Scarcity: When there isn't enough of something for everyone who wants it, so we have to make choices.

Match the definitions:

• 🍎 A tasty fruit you can buy and eat. (This is an example of a ____________)
• 🛌 A warm bed to sleep in every night. (This is a ____________)
• 💇 Getting your hair cut at the salon. (This is a ____________)
• 🧸 A cool teddy bear you wish you had. (This is a ____________)
• 🤔 When there aren't enough snacks for all your friends. (This is ____________)

✍️ Part B: Fill in the Blanks Adventure!

Instructions: Read the story below and fill in the missing words using these terms: Needs, Wants, Goods, Services, Choices.

Lily woke up feeling hungry. She knew food was a basic _____________________. After breakfast, she thought about her day. She really _____________________ to play with her new art kit, but her mom reminded her that she had to finish her chores first. Lily had to make a _____________________ between playing or helping around the house. When her mom went to the grocery store, she bought many _____________________ like milk and bread. Later, a kind librarian offered her help finding a book, which was a helpful _____________________.

🧠 Part C: Think Like an Economist!

Instructions: Read the question and write down your answer. Think carefully about what you've learned!

• 💰 Imagine you saved $10. You really want a brand new comic book, but your favorite shirt has a big rip, and you need a new one for school. What would you choose to buy with your $10, and why? Explain your decision using words like 'need' and 'want'.