Introduction to Economy
This worksheet introduces 6th-grade students to basic economic concepts including needs, wants, scarcity, goods, and services.
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Introduction to Economy
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of basic economic terms.
1. Things that people must have to survive, like food and water, are called .
2. Things that people would like to have but are not necessary for survival are called .
3. When there are not enough resources to meet everyone's wants, it is called .
4. Physical objects that can be bought or sold are known as .
5. Actions or activities that one person performs for another are called .
1. Which of the following is an example of a need?
A new video game
A warm coat in winter
A fancy car
A vacation to the beach
2. Which of the following is an example of a service?
A new pair of shoes
A haircut
A book
A bicycle
1. Scarcity means that everyone can have everything they want.
True
False
2. A doctor performing a check-up is an example of a good.
True
False
1. Explain the difference between a need and a want. Give an example of each.
2. Describe what scarcity means and why it forces people to make choices.
Use the words below to complete the sentences.
1. Someone who makes goods or provides services is called a .
2. Someone who buys and uses goods and services is a .
3. When you choose one thing over another, you make a .
4. The value of the next best alternative that you did not choose is called the .