Smart Choices: Behavioural Economics for Kids

Behavioural Economics

Discover how our brains make decisions, sometimes in surprising ways, and how understanding this helps us make better choices.

decision making psychology money habits

8 Questions Medium Ages 9+ Aug 11, 2026

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About this Study Set

This study set covers Behavioural Economics through 8 practice questions. Discover how our brains make decisions, sometimes in surprising ways, and how understanding this helps us make better choices. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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Browse all 8 questions from the Smart Choices: Behavioural Economics for Kids study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 When you see a big sale with prices crossed out and a new lower price shown, what trick does your brain use to make the sale seem even better?

A Your brain notices the smell of fresh cookies.
B Your brain compares the new price to the original, higher price.
C Your brain remembers your birthday.
D Your brain thinks about what your friends are buying.

2 Imagine you're choosing between two snacks: one is a healthy apple and the other is a sugary candy. If both are the same price, which snack are you more likely to choose if you want a quick burst of energy, even if it's not the healthiest?

A The apple, because it's good for you.
B The candy, because it tastes sweeter.
C It depends on how much you like apples.
D The one with the coolest wrapper.

3 If your parents say, 'Save $1 from every $5 you earn,' and you put that $1 into a piggy bank right away, what is this behaviour called?

A Spending it all at once.
B Saving first, then spending what's left.
C Borrowing money from a friend.
D Giving it away to charity.

4 When a shop has lots of the same toy, but one is placed right at the front where everyone can see it, this makes people think it's more popular or special. What is this called in economics?

A A hidden gem.
B A scarcity tactic.
C A framing effect.
D A popularity contest.

5 If you have to choose between getting $10 right now or $12 next week, and you choose the $10 now, what does this show about your preference?

A You don't like money.
B You prefer to wait for more money.
C You prefer instant rewards.
D You want to share your money.

6 Imagine you're at an ice cream shop. If they offer you a small scoop for $3 or a slightly bigger scoop for $3.50, but then they also have a giant scoop for $7, which option are you more likely to pick?

A The small scoop, because it's cheapest.
B The giant scoop, because it seems like a bargain compared to the medium.
C The medium scoop, because the giant one makes the medium look like a better deal.
D The medium scoop, because it's the middle ground.

7 When people stick with a decision they made a long time ago, even if new information suggests it's not the best choice anymore, what is this behavioural bias called?

A Being very flexible.
B Being stubborn or 'sticking to their guns'.
C Being a good listener.
D Being adventurous.

8 If you want to save money for a new game, and you decide to put aside $2 every day instead of just hoping you'll have enough at the end of the week, what strategy are you using?

A A spontaneous spending plan.
B A planned saving routine.
C A wishful thinking approach.
D A last-minute rush plan.

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