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WorksheetsEconomics
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is the definition of economics?
a)
Going to a trading post
b)
A system in which goods and services are produced, sold, and bought
c)
Balancing a checkbook
d)
Having a yard sale or running a lemonade stand
2.
Which of the following is an example of a need?
a)
Very expensive boots
b)
Video games
c)
Water
d)
Dinner from your favorite restaurant
3.
Which of the following is a want?
a)
A new bicycle
b)
A warm jacket
c)
Breakfast
d)
A place to live
4.
Is this shelter a want or a need?
a)
Need
b)
Want
5.
Which of the following is an example of a service?
a)
Mowing a neighbor's lawn
b)
Sneakers
c)
Macaroni and cheese
d)
Teddy Bear
6.
Which of the following is NOT an example of a service?
a)
Shopping for Christmas gifts
b)
Walking your neighbor's dog for $5 per hour
c)
Cleaning the house for an allowance
d)
Washing cars to earn money to go on a trip
7.
Sam went to the movies. A tub of popcorn costs $4.00. A Coke costs $3.00. Sam has $5.00 to spend. He decided to buy the Coke and save his change.
What is Sam's opportunity cost?
What is Sam's opportunity cost?
a)
Coke
b)
Popcorn
c)
The movie
d)
$2.00
8.
Which is an example of scarcity?
a)
A teacher had a bag of 32 chocolates to give out for Valentine's Day. There are 24 students in her class.
b)
Sara went to buy new basketball shoes. The store didn't have any in her size.
c)
Jack bought the amount of fruit he needed at the grocery store.
d)
There were seats still available at the State football game.
9.
Kate needs school supplies, yet she wants to buy the latest Shopkins. She only has enough money to buy school supplies.
What should she do?
What should she do?
a)
Buy the Shopkins. Her teacher will understand.
b)
Buy the Shopkins. Ask someone else to buy her school supplies.
c)
Buy the school supplies. Start saving her money for the Shopkins.
d)
Buy only part of what she needs so she can spend the rest on Shopkins.
10.
Which of the following is an example of bartering?
a)
Paying $25.00 for new shoes
b)
Paying someone $10.00 to cut your hair
c)
Trading a television for a new iPad
d)
Saving your money until you have enough to buy what you need or want
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