About this Study Set
This study set covers Microeconomics through
20 practice questions.
Basic concepts of money, needs, wants, and choices for young learners. Every question includes the correct answer so you can learn as you go — pick any format above to get started.
Questions & Answers
Browse all 20 questions from the
Microeconomics for Kids study set below.
Each question shows the correct answer — select a study format above to practice interactively.
1
What is the name for things we must have to live, like food and water?
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A
Wants
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B
Needs
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C
Toys
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D
Games
2
What is the name for things we would like to have but do not need to survive?
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A
Needs
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B
Supplies
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C
Wants
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D
Work
3
What do we call the metal or paper objects we use to buy things?
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A
Rocks
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B
Leaves
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C
Money
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D
Stones
4
What is it called when you give money to a shop to get an item?
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A
Purchasing
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B
Stealing
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C
Borrowing
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D
Saving
5
What do we call someone who buys goods or services?
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A
Seller
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B
Producer
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C
Consumer
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D
Worker
6
What do we call the person who makes or sells items?
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A
Consumer
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B
Producer
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C
Buyer
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D
Client
7
If you keep your money in a bank instead of spending it, what are you doing?
-
A
Wasting
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B
Saving
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C
Borrowing
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D
Trading
8
What do we call it when there is not enough of something for everyone?
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A
Plenty
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B
Scarcity
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C
Growth
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D
Profit
9
What is a place where people buy and sell goods called?
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A
Market
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B
Forest
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C
Playground
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D
Bedroom
10
What is a specific amount of money you need to pay to get an item?
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A
Price
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B
Tax
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C
Weight
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D
Length
11
What do we call the work people do to help others, like doctors or teachers?
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A
Goods
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B
Services
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C
Objects
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D
Tools
12
What are physical items we can touch, like books or apples, called?
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A
Services
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B
Ideas
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C
Goods
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D
Time
13
What do we call it when you give one item to someone else and get a different item in return?
-
A
Trading
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B
Stealing
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C
Throwing
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D
Holding
14
If a store has many toys, but everyone wants to buy them, what happens to the supply?
-
A
It increases
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B
It decreases
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C
It disappears
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D
It doubles
15
What is a small picture on a coin or note that tells us how much it is worth?
-
A
Value
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B
Color
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C
Texture
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D
Smell
16
What do we call the extra money someone makes after paying for the costs of selling?
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A
Debt
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B
Profit
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C
Loss
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D
Fee
17
When you make a choice to pick one thing over another, what is the thing you gave up called?
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A
A gift
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B
A mistake
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C
Opportunity cost
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D
A bonus
18
Which of these is a need?
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A
Video games
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B
Water
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C
Candy
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D
Stickers
19
Which of these is a good?
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A
A haircut
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B
A lesson
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C
A banana
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D
A checkup
20
What do we call a goal to save money for something you want in the future?
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A
Budget
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B
Spending
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C
Trading
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D
Giving
