Economy: How We Organize Ourselves

What is the economy based on?

• Needs and wants

• Money and goods

• Services and taxes

• Wants and desires

Which of the following is an example of a "need"?

• • Ice cream

• Water

• Toys

• Swimming pool

What is money used for?

• To play games

• To exchange goods and services

• To produce goods

• To increase taxes

Which of these is a "want"?

• • Education

• • Bread

• Soft drink

• Coat

What do freelancers do?

• Work for themselves selling products or services

• Work for a company

• Earn money without selling products

• Pay higher taxes

What do employees do?

• Work for themselves

• Work for a company and receive a salary

• Earn money without working

• Only produce goods

What is an unpaid worker?

• Someone who works without payment

• Someone who works for money

• Someone who pays taxes

• Someone who owns a business

What happens when supply is low, but demand is high?

• Demand decreases

• Supply increases

• The price increases

• The price decreases

What happens when supply is high, but demand is low?

• The price increases

• Supply decreases

• Demand increases

• The price decreases

What is the role of taxes?

• To help only rich people

• To avoid inequality

• To increase prices

• To pay for public services