Introduction to Economics

What is economics?

• The study of animals

• The study of how people use money, goods, and services

• The study of planets

• The study of history.

Economics helps us understand choices people make every day, such as buying a toy or ________.

• Eating a sandwich

• Saving money for later

• Playing a game

• Watching TV

Which of the following is a need?

• Video games

• Candy

• Water

• Toys

Fill in the blank: Shelter is a ______.

• Want

• Need

What are 'Goods'?

• Things you can buy and touch

• Things people do for others

• Activities you enjoy

• Places you visit.

Fill in the blank: 'Services' are things people do for others, such as ______.

• reading books

• teaching

• buying clothes

• eating food

What do producers do?

• Buy goods

• Make goods or provide services

• Use services

• Sell goods.

Fill in the blank: A baker is a ______ because they make bread.

• Consumer

• Producer

• Buyer

• Seller

What does 'Saving' mean?

• Using money to buy something now.

• Keeping money for later.

• Throwing money away.

• Borrowing money from someone.

It's important to save money for big things like a ______.

• candy

• bike

• pencil

• eraser