Understanding Basic Economic Concepts

What is a budget?

• A school subject

• A type of fruit

• A list of wants and needs

• A plan for how to spend money

What do we call the things that people make or sale?

• services

• goods

• wants

• needs

What is it called when you put back money for later?

• saving

• spending

• losing

• wasting

What is a person called who buys things?

• consumer

• producer

• banker

• seller

What do we call the money we use to buy things?

• gold

• trade

• barter

• currency

What do we call things that we like but do not need?

• essentials

• needs

• wants

• requirements

Which of the following is a need for everyone?

• food

• video games

• expensive shoes

• movies

Which of the following is an example of a want?

• vegetables

• video game

• shelter

• water

What is the name of paper money used in the United States?

• euro

• dollar

• yen

• pound

If a toy is very popular but only a few are made, what is this an example of?

• plenty

• distribution

• scarcity

• availability