WorksheetsEconomics: Needs, Wants, Goods, Services, and More!
Total questions: 71
Worksheet time: 44mins
1. Things that we must have to live are called _____________________________.
needs
service
opportunity cost
assembly line
A _____________________________ is an action that someone does for you, like fixing your bike.
service
product
tool
gift
When you pick one thing and give up another, the thing you give up is called _____________________________.
opportunity cost
trade-off
profit
resource
4. If a lot of people want a toy but there are only a few, the price will often _____________________________.
increase
needs
service
assembly line
Which of these is a need?
Ice cream
Shelter
Video game
Comic book
Which is an example of a good?
Getting your hair cut
A toy car
Babysitting
Teaching a lesson
What happens if supply is high and demand is low?
The price goes up
The price stays the same
The price goes down
People want it more
What is the opportunity cost if you choose to go to the movies instead of buying a new book?
Watching the movie
Getting a haircut
The new book
Saving your money
Describe what happens on an assembly line.
Products are assembled in a step-by-step process by workers or machines.
Raw materials are shipped directly to customers.
Finished products are immediately sold to consumers.
Workers design new products on the spot.
What is an example of a need?
Candy
Shelter
Toy
Which of the following is a want?
Water
A toy car
Shelter
What happens when supply increases?
The price goes up
The price stays the same
The price goes down
Which of the following is an example of a want?
Water
Shelter
A skateboard
Which of the following is a want?
Water
Shelter
The new book
A need is something essential for survival, while a want is something desired but not necessary. Which of the following best explains the difference between a need and a want?
A need is something you must have to live, while a want is something you would like to have but can live without.
A need is something you desire for fun, while a want is something you require for survival.
A need and a want are both things you cannot live without.
A need is something you buy for entertainment, while a want is something you buy for food.
An assembly line helps workers finish a product quickly by:
dividing the work into smaller tasks for each worker
allowing workers to work alone on the entire product
making workers switch jobs frequently
slowing down the production process
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
The number of consumers who want and able to buy a good or service.
demand
supply
opportunity cost
entrepreneur
Select the answer that best describes opportunity cost:
a. The amount of money you put into savings every year.
. What you give up as a result of choosing one option versus another; a trade-off.
The amount of money a business makes every year from sales.
What you gain as a result of choosing one option versus another; a benefit.
You have a choice between a stuffed animal and a bike. You choose the bike. What is the stuffed animal considered?
trade
benefit
opportunity cost
What you give up when you make a choice
opportunity cost
benefit
good
Select the answer that best describes what an opportunity cost is:
. The amount of money you put into savings each year
The trade-off of making one choice and giving up a different choice
The amount of money a business makes every year from sales
The benefit you gain by choosing one option versus another
Is this type of shelter a need or want?
Need
Want
Is this a NEED or a WANT?
Need
Want
Need or Want
Need
Want
Need or want?
Need
Want
Things that are necessary to live (example: food, water, shelter)
goods
wants
needs
job
Things that you wish for but do not need
goods
services
scarcity
wants
Are lots of shoes a need or a want?
NEED
WANT
What are goods?
Things we do for other people
People who use resources
Things people make or use
Activities that satisfy wants
If 5 people want an ice-cream, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 3 people want a candy bar, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 8 people want a stuffed animal, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 6 people want a pencil, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 2 people want a soccer ball, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 10 people want a piece of gum, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 4 people want a bike, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
Which item is a capitol resource?
a truck
milking a cow
wheat plants
knowing how to plant crops
These are resources people use to make goods and services.
Productive Resources
Economic Resources
Financial Resources
Basic Resources
Which of the following is a NEED?
toys
video games
food
crayons
Which of the following is a WANT?
shelter
video game
clothing
water
The exchange of goods and services
(a)
What are needs?
Needs are things we must have to survive every day.
Needs are toys and candy.
Needs are not important things.
What is the definition of a want?
Something you would like too have but will be okay without it.
Something you truly can't live without.
None of the above
What is the definition of a need?
Something you would like to have but will be okay without it
Something you truly can't live without
None of the above
Which is a want?
A place to live (shelter)
Oxygen
Car
Food
Extras that make life more enjoyable
need
want
savings
Which of the following is a determinant of demand?
Production technology
Number of sellers
Tastes and Preferences
Cost of inputs
