Economics for Kids: Saving and Spending

Economics for Kids: Saving and Spending

Assessment

Interactive Video

Business

4th - 5th Grade

Hard

Created by

Quizizz Content

FREE Resource

The video tutorial explains how people earn money through work, selling goods, or providing services. It introduces the concept of scarcity, which requires individuals to make choices between needs and wants. The tutorial discusses the benefits and costs of spending versus saving money, encouraging viewers to consider their options carefully. It concludes with a call to explore more videos in the series and provides resources for further learning.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity in economic terms?

The ability to buy everything you want

A surplus of goods and services

Unlimited wants with limited resources

Having more resources than needed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do people need to make choices about their spending?

To ensure they buy everything they want

Due to limited resources and unlimited wants

To avoid buying unnecessary items

Because they have unlimited money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you consider when deciding between spending and saving?

The benefits and costs of each choice

All of the above

The potential to buy a larger item later

The immediate satisfaction of spending

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you have $5, what is a potential benefit of saving it?

You will never spend it

You can afford a more expensive item later

You can buy a small item immediately

You can lend it to a friend

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a possible downside of spending money right away?

You will always make the wrong choice

You will never be able to save

You will have too much money left

You might not have enough for other things