Unit 1 test Economics

This picture of a house is a _________?

• need

• want

Which is an example of scarcity?

• I have 10 cupcakes and 5 students

• I have 10 cupcakes and 20 students

Which is a good way to earn money?

• 
• 
• 

1. Something we have to have to survive is called a __________.

• need

• want

• piggy bank

Buying a new bike is an example of ...

• spending

• saving

What is the person doing?

• saving

• spending

• charitable giving

• earning

2. Something we would like to have is a _______________________,

• need

• want

• consumer

4. It's okay to just spend all of my money because I'll get more next week.

• yes

• no

5. my house

• need

• want

• service

ice cream

• need

• want

• producer