WorksheetsEconomics Test
Total questions: 20
Worksheet time: 40mins
What is a need?
Something you want
A brand new TV
Something you must have to survive
Expensive shoes
What is a want?
Food
Something you must have to survive
Water
Something you do not need
Which is a way to save money:
Put money into a savings account
Buy your favorite game
Use a credit card
What is a consumer?
The things you buy at the store.
Someone who produces goods.
Someone who buys goods.
The amount of goods at the store.
What is the first thing that you should spend your money on?
Needs
Wants
A new bike
Lots of candy
What are the 3 ways money is used?
Spending, Saving, Giving
Spending, Wasting, Not saving
Saving, Budgeting, Earning
What is a budget?
Goods at the store
A game
A money plan
Something to spend your money on
What is a service?
Something you must have to survive
Things you can buy at the store.
Something you do not need.
A job people do for others.
What is supply?
How many people want to buy goods or services.
The amount of goods being sold.
An expensive item.
A job people do for others.
What is demand?
How much goods and services you can buy.
The amount of goods at the store.
How many people want to buy something.
If the demand is high but the supply is low, will the price go up or down?
Up
Down
If the demand is low but the supply is high, will the price go up or down?
Up
Down
During the holiday season the most popular toy increases in price because a lot of kids want to buy it. What is the supply and demand for the popular toy?
High demand, low supply
Low demand, high supply
High demand, high supply
Low demand, low supply
When the newest iPhone came out, the older version went on sale. What is the demand for the older iPhone.
High demand
Low demand
Which of the following people started their own business?
Martin Luther King Jr
Sam Walton
George Washington
Which of the following people started their own car business?
Sam Walton
Henry Ford
George Washington
Helen Keller
What is an example of donating money?
Saving money in a budget
Giving to a charity
Spending money on your favorite toy
Saving for a bike
What is are ways that you can earn money? (multiple answers)
Having a job
Giving to a charity
Selling something
Buying candy
What business did Sam Walton start?
Six Flags
Walmart
Starbucks
Target
Scarcity is...
Short supply of goods
Large demand
Large supply of goods
Small demand
