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Introduction to Economics

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Introduction to Economics

Introduction to Economics

Economics illustration showing people making choices

📚 Part 1: Understanding Economics

1. What do you think "economics" means? Write your own definition below:
2. Circle the best definition of economics:

The study of money only

The study of how people use resources to satisfy their needs and wants

The study of shopping

The study of banks

🔤 Part 2: Key Economic Vocabulary

3. Match each economic term with its correct definition:
1. Goods
2. Services
3. Needs
4. Wants
5. Resources
6. Choices
A. Things we desire but can live without
B. Physical items we can touch and buy
C. Decisions we make about how to use our resources
D. Actions or work done for others
E. Things we must have to survive
F. Materials, time, or money available to us
4. Fill in the blanks using the words: goods, services, needs, wants

Food, water, and shelter are examples of _____________ because we cannot survive without them. A new video game or designer shoes are examples of _____________ because we desire them but don't need them to live. When you buy a book, you are purchasing _____________. When you pay someone to cut your hair, you are paying for _____________.

🏠 Part 3: Economics in Your Life

5. Check all the examples that show economic decisions (multiple selections allowed):

Choosing between buying lunch or bringing lunch from home

Deciding how to spend your pocket money

Your family choosing between a holiday or saving for a new car

Watching television

A shop owner deciding what products to sell

Sleeping

6. Think of an economic decision you or your family has made recently. Describe it below and explain why it was important:

🌍 Part 4: Economics and Community

7. Why do people have to make economic choices? Circle the best answer:

Because they want to

Because resources are limited

Because it's fun

Because the government tells them to

8. How might economic decisions affect your community? Give two examples:
9. Scenario: Your local council has $50,000 to spend. They can either build a new playground or repair the community centre. What factors should they consider when making this economic choice?

🎨 Part 5: Creative Economics

10. Draw a picture that shows an economic decision being made. Label the different parts of your drawing (goods, services, choices, etc.):
11. Complete this sentence: "Economics is important because..."

✅ Part 6: Self-Assessment

12. How well did you meet today's learning goals? Tick the box that best describes you:

I can explain what economics means:

Very well

Quite well

Need more practice

I can use economic terms correctly:

Very well

Quite well

Need more practice

I understand how economic decisions affect people and communities:

Very well

Quite well

Need more practice

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