WorksheetsEconomics Review
Total questions: 10
Worksheet time: 4mins
What is the main reason we have to make choices in economics?
We always want to save
Money is unlimited
We only buy things online
Resources are limited but our wants are unlimited
Which of the following is a need rather than a want?
dachshund
Movie Tickets
Water
Designer Shoes
Which of these is an example of a trade-off?
Choosing between going to the movies or saving money
Waiting in line at the shops
Buying something on sale
Watching TV after school
What causes the price of a product to go up?
More people Save money
High Demand and low Suppy
Scarcity of wants
High Supply and low Demand
Why was bartering replaced by money?
people didn't want to trade
it was easier to carry and use
Food was not useful
it was more fun
People could know the actual value of something
What is an example of a good financial decision?
Saving part of your allowance for something big
Spending all your pocket money on lollies
Buying snacks every day
Borrowing from friends all the time
In economics, a (a) is when you give up one thing to get something else.
A (a) is something you must have to live, like food, water, or shelter.
When more people want an item and there’s not enough of it, that item is in (a) .
Aubree wants to go on a school trip that costs $80. She has $50 saved, but she also wants to buy a $40 video game. If she buys the game now, she won’t have enough money for the trip. Sophie decides to wait and save up the rest so she can go on the trip with her friends.
What economic concept is Sophie using to make her decision?
Supply and Demand
Scarcity
Trade Off
Impulse buying
