Grade 1 · Social Studies · Building Confidence
Free Economics & Culture worksheet - version 6
Grade 1 economics & culture practice with original, difficulty-matched questions. This printable version includes 8 grade-appropriate questions and a separate answer sheet.
Economics & Culture
Grade 1 · Building confidence · 8 questions · Version PG-KV3AR3-7715
1.Explain “supply” in your own words.
2.Explain “producer” in your own words.
3.Explain “opportunity cost” in your own words.
4.Explain “scarcity” in your own words.
5.Explain “consumer” in your own words.
6.Explain “goods” in your own words.
7.Explain “demand” in your own words.
8.Explain “want” in your own words.
Answers and teaching notes
Use the answers to check the work after the learner finishes. For writing prompts, the guide describes what a strong response should include.
Show answers for version 6
- Explain “supply” in your own words.the amount sellers are willing to offer
- Explain “producer” in your own words.a person or business creating goods or services
- Explain “opportunity cost” in your own words.the next-best alternative given up
- Explain “scarcity” in your own words.the condition of having limited resources and unlimited wants
- Explain “consumer” in your own words.a person using goods or services
- Explain “goods” in your own words.physical items produced for use or sale
- Explain “demand” in your own words.the amount buyers are willing to purchase
- Explain “want” in your own words.something desired but not required
Worked example
Identify resources, choices, tradeoffs, and the cultural context of an exchange.
Common mistake
Ignoring the next-best choice given up.
Helpful hint
Name both the benefit chosen and the opportunity cost.