First Grade Economics Review

True or False:

Income is money you earn from working?

• True

• False

True or False:

Income helps to pay for wants and needs.

• True

• False

True or False:

Goods and services are always free.

• True

• False

True or False:

People can be both producers and consumers.

• True

• False

What is something you need to live?

candy or water

• 
• 

Which is a natural resources?

soil or clothes

• 
• 

If someone doesn't buy anything with their money what are they doing?

saving or spending

• 
• 

Is food a want or a need?

• want

• need

Is a phone a good or service?

• good

• service

True or False

People get jobs because they need to earn money.

• True

• False