Understanding Our Economy
This worksheet introduces grade 4 students to basic economic concepts like needs, wants, goods, services, producers, and consumers.
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Understanding Our Economy
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand how our economy works!
1. Which of the following is a want, not a need?
Food
Shelter
Video game
Water
2. What is a person called who makes goods or provides services?
Consumer
Producer
Buyer
Seller
3. Things that people must have to live, like food and water, are called .
4. A person who buys and uses goods or services is called a .
5. When people trade goods or services for other goods or services without using money, it's called .
6. A haircut is an example of a good.
True
False
7. Scarcity means there is enough of everything for everyone.
True
False
8. Give two examples of a 'good' and two examples of a 'service'.
9. Why do people need to make choices about what to buy?
Use the words below to complete the sentences.
10. The system of how goods and services are made, bought, and sold is called the .
11. When something is hard to find or there isn't enough for everyone, it is .