Students correct three economic classification errors — a video game as a need, scarcity meaning unlimited resources, and a haircut as a good. Part B has four questions naming needs, goods, and scarcity. Part C has two questions distinguishing needs from wants and explaining why scarcity forces choices.
Correcting needs/wants and goods/services classification errors establishes the foundational economic vocabulary students need before analyzing supply, demand, and market pricing.
Style:
Economics: Supply & Demand
Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1. Fix the sentence:
A video game is an example of a need because everyone plays them.
Rewrite: A video game is an example of a want because it is not needed for survival.
2. Fix the sentence:
Scarcity means there are unlimited resources for everyone.
Rewrite: Scarcity means there are limited resources for everyone.
3. Fix the sentence:
A haircut is a good because you can hold it in your hand.
Rewrite: A haircut is a service because it is work done for someone.
Part B: Fill in the Blank
Write the missing word or number on each line.
1. Food, water, and shelter are all examples of basic needs.
2. Physical products like clothing and toys are called goods.
3. When resources are limited, we call that problem scarcity.
4. Work performed for others, such as teaching or delivery, is called a service.
Part C: Short Answer
Answer each question in one or two complete sentences.
1. What is the difference between a need and a want? Give one example of each.
A need is something essential for survival, like food or shelter. A want is something you desire but do not need to live, like a video game or a new bicycle.
2. Why does scarcity force people to make choices?
Scarcity means there are not enough resources for everyone to have everything they want, so people must decide what is most important and choose how to use their limited resources.
Economics: Supply & Demand
★ Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1) Fix the sentence:
A video game is an example of a need because everyone plays them.
Rewrite: A video game is an example of a want because it is not needed for survival.
2) Fix the sentence:
Scarcity means there are unlimited resources for everyone.
Rewrite: Scarcity means there are limited resources for everyone.
3) Fix the sentence:
A haircut is a good because you can hold it in your hand.
Rewrite: A haircut is a service because it is work done for someone.
★ Part B: Fill in the Blank
Write the missing word or number on each line.
1) Food, water, and shelter are all examples of basic needs.
2) Physical products like clothing and toys are called goods.
3) When resources are limited, we call that problem scarcity.
4) Work performed for others, such as teaching or delivery, is called a service.
★ Part C: Short Answer
Answer each question in one or two complete sentences.
1) What is the difference between a need and a want? Give one example of each.
A need is something essential for survival, like food or shelter. A want is something you desire but do not need to live, like a video game or a new bicycle.
2) Why does scarcity force people to make choices?
Scarcity means there are not enough resources for everyone to have everything they want, so people must decide what is most important and choose how to use their limited resources.
Ready to Practice?
Complete each section carefully.
9 Questions
15-20 minutes
Auto-graded
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