Understanding Our Economy
This worksheet helps fifth-grade students understand basic economic concepts like goods, services, supply, demand, and 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.
1. What is an economy primarily concerned with?
Studying planets
How goods and services are made and used
The history of kings and queens
Learning about different animals
2. Which of the following is an example of a 'good'?
A haircut
A doctor's visit
A new toy
Teaching a class
3. People who make goods or provide services are called .
4. When there is a lot of something available, it is called high .
5. A is something that helps you get what you want or need.
6. A consumer is someone who buys and uses goods and services.
True
False
7. Scarcity means there is an unlimited supply of something.
True
False
8. Explain the difference between a 'good' and a 'service' and give one example of each.
9. What is 'demand' in an economy?
Use the words below to complete the sentences.
10. The study of how people make, distribute, and use goods and services is called .
11. When there isn't enough of something to meet everyone's wants, we have .