Students correct misconceptions about saving, services, and needs versus wants. Part A fixes three sentences about saving, a teacher labeled as providing a good, and wants confused with needs. Part B has four fill-in-the-blank problems about saving, video games as wants, and the definition of a service. Part C has three true-or-false statements about shelter as a need, a farmer's role, and saving for the future.
Pairing saving with needs versus wants gives students a practical, usable economic vocabulary.
Style:
Economics Basics
Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1. Fix the sentence:
Saving means spending all your money at the store right away.
Rewrite: Saving means keeping some of your money to use later.
2. Fix the sentence:
A teacher provides a good to students in the classroom.
Rewrite: A teacher provides a service to students in the classroom.
3. Fix the sentence:
A want is something you need to stay alive like food and water.
Rewrite: A need is something you must have to stay alive like food and water.
Part B: Fill in the Blank
Write the missing word or number on each line.
1. When you set aside money for later, you are saving.
2. A video game is an example of a want because it is not needed to survive.
3. Work that someone does for another person is called a service.
4. When you use money to buy something, you are spending.
Part C: True or False?
Read each statement. Circle True or False.
1. Shelter is a need because people must have a safe place to live.
True False
2. A farmer who sells apples is a consumer.
True False
3. Saving money means you can buy something you want in the future.
True False
Economics Basics
★ Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1) Fix the sentence:
Saving means spending all your money at the store right away.
Rewrite: Saving means keeping some of your money to use later.
2) Fix the sentence:
A teacher provides a good to students in the classroom.
Rewrite: A teacher provides a service to students in the classroom.
3) Fix the sentence:
A want is something you need to stay alive like food and water.
Rewrite: A need is something you must have to stay alive like food and water.
★ Part B: Fill in the Blank
Write the missing word or number on each line.
1) When you set aside money for later, you are saving.
2) A video game is an example of a want because it is not needed to survive.
3) Work that someone does for another person is called a service.
4) When you use money to buy something, you are spending.
★ Part C: True or False?
Read each statement. Circle True or False.
1) Shelter is a need because people must have a safe place to live.
True
False
2) A farmer who sells apples is a consumer.
True
False
3) Saving money means you can buy something you want in the future.
True
False
Ready to Practice?
Complete each section carefully.
10 Questions
15-20 minutes
Auto-graded
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