Instructions
Welcome to your economic adventure! Economics is about making choices with money and goods. This worksheet will help you understand your role in the world of buying and selling.
- Read the instructions for each section carefully.
- Use clear, neat writing for your answers.
- Think about your own life and choices when answering the questions.
Section 1: Needs vs. Wants
A Need is something you must have to stay healthy and safe (like food, water, or shelter). A Want is something you would like to have, but do not need to survive (like a new toy or candy).
Task: Read the items below. Circle 'N' for Need or 'W' for Want.
| Item | Type | Reasoning (Why?) |
|---|---|---|
| A video game | N / W | Example: I have other games and don't need it to live. |
| Clean Drinking Water | N / W | |
| A warm coat in winter | N / W | |
| A new brand of cereal | N / W | |
| A family home | N / W | |
| A new remote-control car | N / W |
Section 2: Consumers and Producers
A Consumer is a person who buys or uses goods and services. A Producer is a person who makes or offers goods and services.
Task: Read the scenarios below. Decide if the person is acting as a Consumer (C) or a Producer (P). Complete the table. (Hint: Sometimes you can be both!)
| Person/Action | Role (C or P) | Explain Your Choice |
|---|---|---|
| Ms. Anya, who bakes cookies to sell at the farmer's market. | P | Example: She is making and selling a good. |
| Leo, who buys an apple at the grocery store. | ||
| Mia, who gives violin lessons for money. | ||
| Dad, who is mowing the lawn. | ||
| You, when you buy a book from the school book fair. | ||
| The artist, who paints pictures to sell online. | ||
| Grandma, who purchases coffee beans. |
Section 3: Making Smart Money Choices
When we get money, we have choices: we can Spend it now or Save it for later.
Task: Read the story and answer the questions. Show your math!
Sarah earned $10 this week for helping with chores. She really wants a new sparkly notebook that costs $3. She is also saving up for a large toy set that costs $20.
- If Sarah buys the sparkly notebook for $3, how much money will she have left from her $10 allowance?
Math:
Answer: $
- Sarah decides to save all her leftover money from Question 1. How much more money does Sarah need to save to buy the $20 toy set?
Math:
Answer: $
- Real-World Connection: Name one thing you have saved money to buy, or want to save money to buy.
I want to save money for:
Section 4: My Role as a Citizen (Challenge Question)
Task: Besides buying things (being a consumer), how do you act as a responsible citizen or a helpful person in your community or home? Think about things you produce or provide without being paid.
I contribute to my community/home by: