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Economics basics in Social studies

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Sample exercises

Grades 2–5 · Economics basics

Which one is a need: a toy robot or warm clothes in winter?

  1. a toy robot
  2. warm clothes in winter
Answer and explanation

warm clothes in winter

A need is something people must have to live and stay safe. A want is nice to have but not necessary.

Grades 2–6 · Economics basics

Which one is a good (a thing you can touch): mail delivery or a loaf of bread?

  1. mail delivery
  2. a loaf of bread
Answer and explanation

a loaf of bread

Goods are things you can touch and own. Services are work that people do for others.

Grades 7–12 · Economics basics

A town expects revenue of $163 million and plans to spend $28 million this year. What is the result?

  1. a deficit of $191 million
  2. a deficit of $135 million
  3. a surplus of $191 million
  4. a surplus of $135 million
Answer and explanation

a surplus of $135 million

163 − 28 = 135: a surplus of $135 million.

Study notes

Needs and wants

Study guide for Grades 2 to 5: 2 worked examples and 2 practice questions. Ask: could a person live safely without it? If not, it is a need.

Grades 2–5

Goods and services

Study guide for Grades 2 to 6: 2 worked examples and 2 practice questions. A good is an object; a service is an action someone does for you.

Grades 2–6

Government budgets: surplus or deficit

Study guide for Grades 7 to 12: 2 worked examples and 2 practice questions. Compare money coming in (revenue) with money going out (spending). A deficit must be covered by borrowing or savings.

Grades 7–12

Supply, demand and prices

Study guide for Grades 8 to 12: 2 worked examples and 2 practice questions. First decide whether the event changes how much is available (supply) or how much people want to buy (demand).

Grades 8–12

Opportunity cost

Study guide for Grades 6 to 12: 2 worked examples and 2 practice questions. Every choice uses scarce time or money. The opportunity cost is only the next-best option you give up, not every option.

Grades 6–12

Economics basics · Quick reference

Reference sheet for Grades 2 to 12: 5 key ideas, including needs and wants, goods and services and government budgets: surplus or deficit. Ask: could a person live safely without it? If not, it is a need.

Grades 2–12