1st Grade Economics

What is scarcity?

• Limited wants are less than unlimited resources

• You can have everything you want if you work hard enough

• Unlimited wants are greater than limited resources

Money is limited.

• True

• False

Select the goods.

• A pair of shoes

• A car wash

• A hair cut

A want is something that you cannot live without.

• True

• False

What is an income?

• Money you get from the government

• Paying your bills

• Money you earn by working

• Money you get for playing

Choose the service.

• A new pair of shoes

• Cooking food for someone at a restaurant

• A jacket

• A sandwich

You are making a good choice if you buy wants first and then needs.

• True

• False

When someone does something for you and you pay them, it is called a ______________.

• Service

• Income

• Scarcity

A want is something that you cannot live without.

• True

• False

Things we have to have to live are called ____________.

• Wants

• Needs