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Economics Review

Total questions: 15

Worksheet time: 13mins

Name
Class
Date
1.

Justin's mom puts most of her income in the bank. Which BEST describes Justin's mom?

a)

Saver

b)

Spender

2.

Why would someone choose to save their money?

a)

They can buy something bigger later.

b)

They can buy something now.

c)

They can enjoy candy.

3.

Which of these is a service that people can sell to others?

a)

Shampoo

b)

Scissors

c)

Washing cars

4.

Which of these is a good that people could buy?

a)

Dentist

b)

Shampoo

c)

Teacher

5.

What is something people need to live?

a)

Candy

b)

Television

c)

Food

6.

Why do people work?

a)

To earn money

b)

To sleep

c)

To go home

7.

Greg has decided that he wants to buy a new bike that costs $125, and he only has $75. What should Greg do?

a)

Buy the new bike

b)

Save his money, because he doesn't have enough

8.

What is an income?

a)

Money a person spends on goods and services

b)

Money a person gives to the bank

c)

Money a person makes at a job

9.

In the month of December, sunscreen goes on sale for 50% off the price it sells for in July. What is the supply and demand for sunscreen?

a)

High Demand and Low Supply

b)

Low Demand and High Supply

10.

Jan is going to a birthday party on Friday for her friend. She has $15 and has not bought her friend a gift yet. What should Jan do?

a)

Buy her friend a birthday present that cost less than $15

b)

Save her money and not buy a birthday present for her friend

11.

During the holiday season the most popular toy increases in price because many kids want it. What is the supply and demand for the popular toy?

a)

High Demand and Low Supply

b)

Low Demand and High Supply

12.

Which items would be "wants"? Choose all that apply.

a)

Water

b)

Game

c)

Field Trip

d)

Clothes

13.

Which items would be "needs"? Choose all that apply.

a)

Water

b)

Game

c)

Field Trip

d)

Clothes

14.

You saved $2.00 from your trip to the grocery store. Now you want to save for a new bookbag. The bookbag is $15.00. How much money will you need to save to buy the bookbag you want?

a)

$10.00

b)

$13.00

c)

$5.00

d)

$2.00

15.

You have a budget of $10.00 to spend at the grocery store. Your goal is to save $2.00 of your budget. Choose two items that you can buy today to meet your goal.

a)

Lettuce

$4.00

b)

Carrots

$5.00

c)

Grapes

$6.00

d)

Strawberries

$2.00