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Economics Worksheets for Kids

9 free PDFsUS Letter PDFsAnswer key includedNo login

Scarcity and choices, opportunity cost, benefits and costs, saving for a goal, natural, human and capital resources, and why people trade.

Download the economics worksheets

Scarcity and choices

A vocabulary poster, a passage about 20 tickets and an opportunity cost page.

  • Preview of the printable “Economics for kids Poster: key words” worksheet: defining scarcity, choice, opportunity cost, income, saving and spendingView larger

    Economics for kids Poster: key words

    Defining scarcity, choice, opportunity cost, income, saving and spending

    1 page128 KB

Spending and saving

Plan how long it takes to save for a goal and weigh the benefits and costs of three choices.

Resources and trade

Sort natural, human and capital resources and read why people trade.

  • Preview of the printable “Trade and money reading passage for 3rd grade” worksheet: reading about why people specialize and trade and how money makes trade easierView all 2 pages

    Trade and money reading passage for 3rd grade

    Reading about why people specialize and trade and how money makes trade easier

    Answer key on page 2

    US LetterPDFA4PDF

    2 pages88 KB

Words and review

Vocabulary in context and a quick check.

Print at 100% (actual size) for the cleanest tracing lines.

About these economics worksheets

Economics starts with a simple fact: there is never enough of everything for everyone. That is scarcity, and it means people must make choices. Third graders learn to name the opportunity cost of a choice, weigh benefits and costs, and plan how long it takes to save for a goal.

These economics worksheets for kids include a vocabulary poster, a reading passage about scarce tickets, an opportunity cost page, a saving goal planner, a resources sort, a benefits and costs chart, and a passage about why people specialize and trade and how money makes trade easier.

Every page is black and white, prints on US Letter or A4, and every page with right answers has an answer key on page 2.

Standards

  • C3 D2.Eco.1.3-5Compare the benefits and costs of individual choices.
  • C3 D2.Eco.3.3-5Identify examples of the variety of resources (human capital, physical capital, and natural resources) that are used to produce goods and services.
  • C3 D2.Eco.4.3-5Explain why individuals and businesses specialize and trade.
  • CCSS.ELA-LITERACY.RI.3.4Determine the meaning of general academic and domain-specific words and phrases in a text relevant to a grade 3 topic or subject area.

How to use them

  1. Start with a real scarcity moment: one ball at recess, or 20 tickets for 35 children. How should we decide?
  2. Use the opportunity cost page with your own class examples: “If we choose art, what do we give up?”
  3. Pair the saving goal planner with multiplication practice: $4 a week for 7 weeks.
  4. Sort resources, then walk around school and spot natural, human and capital resources.
  5. Finish with the trade passage, the vocabulary page and the quiz.

Teaching tips

  • Opportunity cost is only the next best choice you give up, not everything you didn’t choose.
  • Time is scarce too. Choosing to play means not doing something else.
  • Natural resources come from nature, human resources are people’s skills and work, and capital resources are tools and machines people make to produce other things.
  • Keep money examples small and familiar. Avoid assuming every child gets an allowance.
  • Accept any reasoned choice on the benefits and costs chart.

Questions teachers and parents ask

What is scarcity for kids?

Scarcity means there is not enough of something for everyone who wants it, like seats at a show, money or time. Because of scarcity, people have to make choices.

What is opportunity cost?

Opportunity cost is the next best thing you give up when you make a choice. If you buy a book instead of a kite, the kite is your opportunity cost.

What are natural, human and capital resources?

Natural resources come from nature, like water and trees. Human resources are people’s skills and work. Capital resources are tools, machines and buildings people make to produce goods and services.