This challenging worksheet has students answer multiple-choice questions, and fill in blanks to practice economics basics skills.
It includes 9 questions across 2 sections for focused practice.
Style:
Economics Basics
Part A: Multiple Choice
Circle the best answer for each question.
1. A bakery makes one hundred muffins but only ten people want them. What will most likely happen to the price?
A) The price will go up.
B) The price will go down.
C) The muffins will become a service.
D) The bakery will close forever.
2. Mia has eight dollars. She buys a notebook for five dollars and saves the rest. How much does she save?
A) Eight dollars.
B) Five dollars.
C) Three dollars.
D) Zero dollars.
3. Which of these is a need rather than a want?
A) A comic book.
B) A pair of roller skates.
C) Drinking water.
D) A board game.
4. A girl sells handmade bracelets at a craft fair. She is acting as a ___?
A) consumer
B) producer
C) saver
D) buyer
Part B: Fill in the Blank
Write the correct answer on each line.
1. When you decide to buy a hat instead of gloves, the gloves are your opportunity cost.
2. A librarian who helps you find books is providing a service.
3. A new shirt hanging on a store rack is an example of a good.
4. Money that a person receives for doing a job is called income.
5. When fewer people want winter coats in summer, demand for coats drops.
Economics Basics
★ Part A: Multiple Choice
Circle the best answer for each question.
1. A bakery makes one hundred muffins but only ten people want them. What will most likely happen to the price?
A) The price will go up.
B) The price will go down.
C) The muffins will become a service.
D) The bakery will close forever.
2. Mia has eight dollars. She buys a notebook for five dollars and saves the rest. How much does she save?
A) Eight dollars.
B) Five dollars.
C) Three dollars.
D) Zero dollars.
3. Which of these is a need rather than a want?
A) A comic book.
B) A pair of roller skates.
C) Drinking water.
D) A board game.
4. A girl sells handmade bracelets at a craft fair. She is acting as a ___?
A) consumer
B) producer
C) saver
D) buyer
★ Part B: Fill in the Blank
Write the correct answer on each line.
1) When you decide to buy a hat instead of gloves, the gloves are your opportunity cost.
2) A librarian who helps you find books is providing a service.
3) A new shirt hanging on a store rack is an example of a good.
4) Money that a person receives for doing a job is called income.
5) When fewer people want winter coats in summer, demand for coats drops.
Ready to Practice?
Complete each section carefully.
9 Questions
12-18 minutes
Auto-graded
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