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WorksheetsFirst Grade Economics Review
Total questions: 15
Worksheet time: 24mins
True or False:
Income is money you earn from working?
True
False
True or False:
Income helps to pay for wants and needs.
True
False
True or False:
Goods and services are always free.
True
False
True or False:
People can be both producers and consumers.
True
False
What is something you need to live?
candy or water
Which is a natural resources?
soil or clothes
If someone doesn't buy anything with their money what are they doing?
saving or spending
Is food a want or a need?
want
need
Is a phone a good or service?
good
service
True or False
People get jobs because they need to earn money.
True
False
Income is important because:
It helps pay for wants and needs
It helps you make friends.
What are wants?
Things you need to live
Things you would like to have
What are needs?
Things that help you live
Things that are fun, but you can live without
True or False?
A good is an item people buy.
True
False
True or False:
A service is work a person does to help others.
True
False
