Grade 1 · Social Studies · On Level
Free Economics & Culture worksheet - version 4
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 · On-level practice · 8 questions · Version PG-Z735T3-10PN
1.Explain “want” in your own words.
2.Explain “need” in your own words.
3.Explain “producer” in your own words.
4.Explain “supply” in your own words.
5.Explain “opportunity cost” in your own words.
6.Explain “demand” in your own words.
7.Explain “services” in your own words.
8.Explain “goods” 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 4
- Explain “want” in your own words.something desired but not required
- Explain “need” in your own words.something necessary for health and safety
- Explain “producer” in your own words.a person or business creating goods or services
- Explain “supply” in your own words.the amount sellers are willing to offer
- Explain “opportunity cost” in your own words.the next-best alternative given up
- Explain “demand” in your own words.the amount buyers are willing to purchase
- Explain “services” in your own words.work performed for someone else
- Explain “goods” in your own words.physical items produced for use or sale
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.