Economics for 1st Graders: Money, Jobs, and More

Question 1

If the price of ice cream increases, what will likely happen to the number of people who want to buy it?

Accepted Answer

Fewer people will want to buy ice cream.

Answer

More people will want to buy ice cream.

Answer

The same number of people will want to buy ice cream.

Answer

I don't know.

Question 2

When people trade with each other, what is a good thing that can happen?

Accepted Answer

They can get something they want or need.

Answer

They can make new friends.

Answer

They can show off their wealth.

Answer

They can avoid doing work for themselves.

Question 3

Why is it important to save money?

Accepted Answer

To have enough money to buy something special you want later.

Accepted Answer

To have money in case of an unexpected event.

Answer

To impress others.

Question 4

When people buy or sell 'stocks', what are they really buying or selling?

Accepted Answer

A share of a company

Answer

A house

Answer

A baseball card

Answer

A game

Question 5

In economics, what does it mean when something is 'scarce'?

Accepted Answer

There's not enough of it for everyone.

Answer

It costs too much money.

Answer

It's only found in certain places.

Question 6

Imagine a new invention makes it much easier to make a certain toy. What do you think will happen to the price of that toy?

Accepted Answer

The price will go down.

Answer

The price will go up.

Answer

The price will stay the same.

Answer

The price will double.

Question 7

When the government wants the economy to grow, what can it do?

Accepted Answer

Lower taxes and spend more money

Answer

Raise taxes and spend less money

Answer

Only lower taxes

Answer

Only spend more money

Question 8

What do you need to stay alive?

Accepted Answer

Food

Accepted Answer

Water

Answer

Toy

Question 9

What kind of business has just one person who owns and runs it?

Accepted Answer

A business with one owner

Answer

A business with two owners

Answer

A business with many owners

Question 10

When people buy and sell things between different countries, what is it called?

Accepted Answer

Trading

Answer

Sharing

Answer

Gifting

Answer

Donating

Question 11

Why do countries exchange goods and services with each other?

Accepted Answer

To obtain items they need but cannot produce themselves.

Answer

To earn more money than they spend.

Answer

To become the most powerful country in the world.

Question 12

How does technology affect the types of jobs people have?

Accepted Answer

Technology makes some tasks easier for people to do.

Accepted Answer

Technology can replace some jobs with machines.

Answer

Technology does not change the types of jobs people have.

Question 13

You have $5 to spend. You can buy either a toy car for $3 or a coloring book for $2. If you want to have the most money left over, which item should you buy?

Accepted Answer

Coloring book

Answer

Toy car

Question 14

Who helps people when they are sick or hurt?

Accepted Answer

Doctor

Answer

Police Officer

Answer

Teacher

Question 15

When people talk about buying or selling 'stocks', what are they actually buying or selling?

Accepted Answer

Pieces of a company

Answer

A special kind of money

Answer

Loans to the government

Question 16

What does the saying 'money doesn't grow on trees' mean?

Accepted Answer

Money is hard to earn.

Answer

Money is made from trees.

Answer

Money can grow on trees.

Answer

Money is the most important thing in life.

Question 17

How can the government help the economy get better?

Accepted Answer

Make rules to help businesses grow and make jobs

Answer

Build more schools

Answer

Give everyone free healthcare

Answer

Do nothing and let the economy be

Question 18

Imagine a new machine makes it much easier to build your favorite toy. What will likely happen to the price of that toy in stores?

Accepted Answer

The price will decrease because the toy is now easier to make.

Answer

The price will increase because the toy is now harder to make.

Answer

The price will remain the same because nothing has changed.

Answer

The price will increase because the toy is now more popular.

Question 19

What might happen if there are more people looking for jobs than there are jobs available?

Accepted Answer

Unemployment can happen, which means people can't find jobs, and this can cause problems for people and the economy.

Answer

Everyone can find a job they like.

Answer

The government makes more jobs for everyone.

Question 20

What is the name of the study of how people make choices about using things that are limited?

Accepted Answer

Economics

Answer

Scarcity

Answer

Budgeting

Answer

Saving

Question 21

When the cost of things like food and toys increases over time, what do we call it?

Accepted Answer

Inflation

Answer

Deflation

Answer

Boom

Answer

Bust

Question 22

How do companies raise money through the stock market?

Accepted Answer

Selling shares of ownership

Answer

Selling products

Answer

Borrowing money

Answer

Buying other companies

Question 23

What are some great things that can happen when countries exchange goods and services?

Accepted Answer

Countries can make things they can't make on their own.

Accepted Answer

When countries trade, there's more competition, which can lead to lower prices.

Accepted Answer

International trade helps create new jobs.

Question 24

What is NOT an economic system?

Accepted Answer

A government where a king or queen is in charge

Answer

A way to make and share things we need

Answer

A system where the government controls everything

Answer

A system where people choose how to make and share things

Question 25

You have a lemonade stand and you sell lemonade for $1 per cup. If you sell 10 cups of lemonade, how much money will you make?

Accepted Answer

$10

Answer

$1

Answer

$20

Question 26

What can help our country's economy grow stronger?

Accepted Answer

More people working and more businesses opening

Answer

People spending less money

Answer

The government collecting more taxes

Question 27

What can banks and credit unions do to help you with your money?

Accepted Answer

They keep your money safe and can help you borrow money.

Answer

They give you free money.

Answer

They only help businesses.

Answer

They make all the money in the world.

Question 28

What happens when we use things up faster than they can be replaced?

Accepted Answer

It's called overconsumption.

Answer

It's called being sustainable.

Answer

It's called being a good saver.

Answer

It's called being a good protector.

Question 29

When people exchange things they own for things they desire, what is this called?

Accepted Answer

Trading

Answer

Purchasing

Answer

Selling

Answer

Sharing

Question 30

In a country with a free market economy, what determines the prices of goods and services?

Accepted Answer

Supply and demand

Answer

The government

Answer

The people

Answer

Businesses

Question 31

Why is money helpful when buying and selling things?

Accepted Answer

It makes it easier to trade without having to swap one good for another good.

Answer

It helps us keep track of how much money we have.

Answer

It protects us from being robbed.

Question 32

When making choices about spending or saving money, what is important to consider?

Accepted Answer

Current and future financial situation

Answer

What others are doing

Answer

Government rules

Answer

Current trends

Question 33

How do people in our country work together with people in other countries to make and get the things they need?

Accepted Answer

People in our country make things that people in other countries need, and vice versa.

Answer

People in other countries don't have jobs like the people in our country.

Answer

Goods and services are only bought and sold within our country.

Answer

The money we use in our country is different from the money used in other countries.

Question 34

What is economics about?

Accepted Answer

Understanding how people make, share, and use different things

Answer

Making people rich

Answer

Helping people save money

Answer

Making the government happy

Question 35

What happens when lots of people want something?

Accepted Answer

It costs more.

Answer

It costs less.

Answer

Nothing happens.

Answer

Businesses decide.

Question 36

When the prices of things we buy, like toys and food, keep going up over time, what do we call it?

Accepted Answer

Inflation

Answer

Deflation

Answer

Discount

Question 37

What do we study in economics?

Accepted Answer

How people decide what they need and want.

Answer

How to earn a lot of money.

Answer

How to save money.

Question 38

What is NOT a way to get money?

Accepted Answer

Playing video games

Answer

Working at a store

Answer

Writing a book

Answer

Starting your own business

Question 39

When there are a lot of apples and not many people want them, what will happen to the price of apples?

Accepted Answer

The price will go down.

Answer

The price will go up.

Answer

The price will stay the same.

Answer

The price will go up and then down.

Question 40

What is a smart way to keep your money safe and make it grow?

Accepted Answer

Put it in a piggy bank or savings account

Answer

Spend it all right away

Answer

Lend it to your friends

Answer

Buy lots of toys

Question 41

Which of these is an example of a service?

Accepted Answer

A haircut

Answer

A book

Answer

A car

Answer

A computer

Question 42

When more people want something than there is available, what happens to its price?

Accepted Answer

The price goes up.

Answer

The price goes down.

Answer

The price stays the same.

Answer

The price goes up and then down.

Question 43

What do you give someone when you buy something?

Accepted Answer

Money

Answer

A smile

Question 44

Which of these is a job?

Accepted Answer

Teacher

Answer

Rock

Question 45

What happens when there are more people who want something than there is of that thing?

Accepted Answer

The price goes up

Answer

The price goes down

Question 46

What is it called when two people trade things with each other?

Accepted Answer

Bartering

Answer

Buying

Question 47

What kind of money do we use in the United States?

Accepted Answer

Dollars

Answer

Euros

Question 48

What do we use to keep our money safe?

Accepted Answer

Bank

Answer

Store

Question 49

What happens to the price of something when there is a lot of it?

Accepted Answer

It goes down

Answer

It goes up

Question 50

Which of these is something we need to survive?

Accepted Answer

Water

Answer

A song

Question 51

What do we call the things that people make to meet our needs?

Accepted Answer

Goods

Answer

Services

Answer

Money

Answer

Jobs

Question 52

When there are many people who want something than there is available, what happens to the price?

Accepted Answer

The price goes up

Answer

The price goes down

Answer

The price stays the same

Answer

The government controls the price

Question 53

People usually earn money by

Accepted Answer

Working

Answer

Winning the lottery

Answer

Inheriting money

Answer

Selling their belongings

Question 54

Which one of these is NOT a job?

Accepted Answer

Student

Answer

Doctor

Answer

Teacher

Answer

Police officer

Question 55

When you buy something at a store, who made it?

Accepted Answer

The person who made the product

Answer

The store owner

Answer

The person who bought the product

Answer

The government

Question 56

Which of the following is NOT a way to save money?

Accepted Answer

Spending it on things you don't need

Answer

Putting it in a bank

Answer

Hiding it under your bed

Answer

Investing it

Question 57

What is the name for the system that helps move goods and services from people who make them to people who use them?

Accepted Answer

Trade

Answer

Economics

Answer

Business

Answer

Government

Question 58

What is something you would like to have, but you don't really need to survive?

Accepted Answer

A new toy

Answer

Food

Answer

Water

Question 59

When the government gives you more money to buy things, what is it called?

Accepted Answer

Subsidy

Answer

Tax

Answer

Loan

Question 60

Who comes up with new ideas and makes things for people to buy?

Accepted Answer

Entrepreneurs

Answer

Teachers

Answer

Parents

Answer

Scientists

Question 61

What do we need to survive?

Accepted Answer

Needs

Answer

Wants

Answer

Luxuries

Answer

Wishes

Question 62

What do we use to buy things?

Accepted Answer

Money

Answer

Time

Answer

Energy

Answer

Effort

Question 63

Who makes things we use?

Accepted Answer

Producers

Answer

Consumers

Answer

Everyone

Answer

Nobody

Question 64

What happens when many people want something but there is not much of it?

Accepted Answer

The price goes up.

Answer

The price goes down.

Answer

Nothing happens.

Answer

The government steps in.