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Mini-Society Economics Worksheet

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Mini-Society Economics Worksheet

Imagine your community is running a small marketplace. Read the information in each task, then make decisions about earning, spending, saving, and trading. Use Canadian dollars (CAD) unless a task says otherwise.

How the Mini-Society Works

In this mini-society, members earn tokens by doing useful jobs. They can spend tokens at the marketplace, save them for later, or trade goods directly with one another.

1.Multiple choice: Which is the best example of a service in the mini-society?

Selling a handmade bookmark
Sharpening a neighbour’s pencils for a fee
Saving tokens in a bank
Buying an apple

2.Short answer: The mini-society has limited time, paper, and supplies. What does scarcity mean, and why might it make people choose between different goods or activities?

3.True or false: If someone earns 12 tokens and spends 8 tokens, they have a deficit of 4 tokens.

TrueFalse

4.Fill in the blanks: A budget is a plan for how much money or how many tokens you expect to and .

Make a Marketplace Plan

Hannah earns 18 tokens this week from her market job. She wants to buy a snack and a bookmark, and she also wants to save some tokens.

Item

Price (tokens)

Snack

Bookmark

Notebook

5.Short answer: Hannah buys one snack and one bookmark. How many tokens does she spend, and how many does she have left from her 18 tokens?

6.Multiple choice: Hannah chooses the notebook. She ranks a combination of items priced at 5 and 4 tokens as her next-best choice. What is the opportunity cost of choosing the notebook? Use the price list to explain your choice.

The 7 tokens she pays
The snack and bookmark she could have bought for 9 tokens
The 11 tokens she has left
The job she did to earn tokens

7.Short answer: Hannah plans to save 6 tokens. After buying the snack and bookmark, can she still save 6 tokens? Show how you know.

Trading and Decisions

People in a mini-society may exchange goods directly or use tokens. A trade is voluntary, and each person should consider whether the exchange meets their needs.

8.Short answer: Eli offers two handmade bookmarks for one pencil case. Give one reason the trade might feel fair to Eli and one reason the other person might accept or refuse it.

9.Matching: Match each mini-society role to its main responsibility.

Banker
Market seller
Community helper

Provides a useful service to others
Keeps records of deposits and withdrawals
Offers goods and sets or displays prices

10.Long answer: The mini-society has only 20 tokens available, but people want to buy goods worth 30 tokens altogether. Suggest two fair ways the community could respond. Explain why each idea could help.