Understanding Economy
A Grade 7 social studies worksheet covering basic economic concepts including goods, services, scarcity, supply, demand, and economic systems.
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Understanding Economy
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Read each question carefully and answer to the best of your ability. This worksheet covers fundamental concepts of economy.
Use the words below to complete the sentences.
1. The study of how people manage their resources to satisfy their wants and needs is called .
2. Physical items that can be bought or sold are known as .
3. Actions or activities that one person performs for another are called .
4. The concept of having seemingly unlimited human wants and needs in a world of limited resources is known as .
5. The amount of a good or service that people are willing and able to buy at a certain price is called .
6. The amount of a good or service that is available for purchase is called .
1. Which of the following is an example of a service?
A new pair of shoes
A haircut
A delicious pizza
A book
2. What happens to the price of a product when demand is high and supply is low?
The price decreases
The price increases
The price stays the same
The product becomes free
1. Scarcity means that there is an unlimited supply of resources.
True
False
2. A consumer is someone who provides goods or services.
True
False
1. Explain the difference between a good and a service, providing one example for each.
2. Describe how scarcity influences economic decisions.