WorksheetsUnderstanding Our Economy
Total questions: 27
Worksheet time: 23mins
Items that can be used, seen, or touched are called...
Services
Goods
Tasks that you pay someone to do for you are called...
Goods
Services
Jobs
Getting your hair cut is an example of a...
economy
good
service
scarcity
Clothing, books, and toys are all examples of...
services
goods
economy
scarcity
A place where buyers and sellers come together is called a...
economy
good
market
services
This can happen because people want more things than they can have...
scarcity
services
market
goods
The system in which goods and services are bought and sold is called...
the economy
the services
the business
the goods
When the nintendo switch first came out, it was sold out in stores. This is an example of
goods
services
scarcity
a sale
All of the businesses in a place make up the...
money
store
market
economy
A free market economy means...
buyers and sellers are TOLD what to buy/sell
buyers and sellers have a CHOICE
everything is free
the government sets the price of items
This mail delivery service made mail delivery faster than ever before by using horses to deliver mail.
Mail by Air
The Pony Express
Amazon
UPS
When making choices, there are costs and benefits. A benefit is a
positive/good thing
negative/bad thing
When making a choice, there are costs and benefits. A cost is a
positive/good thing
negative/bad thing
Sally had to choose between buying bananas or m&ms at the store. She only had enough money to buy one. What is one benefit to buying the bananas?
They don't taste as good as the candy.
They are a healthy snack.
They are yellow.
Candy tastes better.
Bob has to choose between getting his face painted or buying popcorn at the state fair. What is one COST to getting his face painted?
It will look really cool!
It will wash off that night.
It will be fun getting it painted.
Buyers and sellers come together at Walmart, Target, Tom Thumb, and Barnes and Noble. These places are all examples of....
goods
markets
services
scarcity
When supply is HIGH, but demand is LOW, what happens to the price?
The seller will raise the price.
The seller will lower the price.
The total amount of a good or service that is available to buy is called...
Supply
Demand
Services
Goods
The amount of money earned by a business after costs are removed.
Cost
Supply
Profit
Demand
This leads someone to make a certain choice.
Supply
Demand
Incentive
Services
The total amount of a good or service that customers will buy at all prices is called...
Demand
Supply
Goods
Services
Which of the following is an example of someone earning money by selling a good.
Angel sells slime for $1.00.
Sophia does her chores for $10.00 a week.
Daniel mows his neighbor's yard for $5.00.
Dalena washes her mom's car for $3.00.
Which of the following is an example of someone earning money by providing a SERVICE?
Mason grows fruit to sell.
India sells lemonade she makes.
Ms. Carroll teaches a 3rd grade class.
Yajaira bakes cookies to sell.
A new toy becomes very popular and everyone wants it. The price of the toy will...
go up
go down
stay the same
A new pizza place opens. The city already has 6 popular pizza places. Not many customers go to the new pizza place. What happens to the price of the pizza?
it goes up
it goes down
it stays the same
Cold weather in Florida kills many orange trees. What will happen to the price of oranges?
it will go up
it will go down
it will stay the same
What is the main goal of a charity?
To make billions of dollars in profit.
To be on TV shows.
To become famous.
To give money to people in need.
