Students complete nine fill-in-the-blank problems about opportunity cost, budgets, and international trade. The matching activity pairs opportunity cost, budget, import, and export with their economic definitions.
Matching opportunity cost, budgets, imports, and exports to their definitions extends economic understanding beyond the local market to personal financial decision-making and the global trade relationships that shape everyday consumer choices and national economies.
Style:
Economics: Supply & Demand
Part A: Fill in the Blank
Write the missing word or number on each line.
1. What you give up when you choose one thing over another is called opportunity cost.
2. A plan for how to spend and save money is called a budget.
3. Trading goods and services between countries is called international trade.
4. If you spend your allowance on candy, the opportunity cost is what else you could have bought.
5. Income is the money a person earns from working.
6. Expenses are the things you spend money on.
7. When a country makes something better or cheaper than others, it has an advantage.
8. Dividing work among people so each person does one task is division of labor.
9. A good budget makes sure expenses do not exceed income.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Opportunity cost
→ what you give up
sell to another country
Budget
→ plan for spending money
plan for spending money
Import
→ buy from another country
what you give up
Export
→ sell to another country
buy from another country
Economics: Supply & Demand
★ Part A: Fill in the Blank
Write the missing word or number on each line.
1) What you give up when you choose one thing over another is called opportunity cost.
2) A plan for how to spend and save money is called a budget.
3) Trading goods and services between countries is called international trade.
4) If you spend your allowance on candy, the opportunity cost is what else you could have bought.
5) Income is the money a person earns from working.
6) Expenses are the things you spend money on.
7) When a country makes something better or cheaper than others, it has an advantage.
8) Dividing work among people so each person does one task is division of labor.
9) A good budget makes sure expenses do not exceed income.
★ Part B: Matching
Match each item on the left to the correct answer on the right.
1) Match each item to its correct answer.
Opportunity cost
→ what you give up
sell to another country
Budget
→ plan for spending money
plan for spending money
Import
→ buy from another country
what you give up
Export
→ sell to another country
buy from another country
Ready to Practice?
Complete each section carefully.
10 Questions
10-15 minutes
Auto-graded
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