Exploring Basic Economics

Microeconomics

This set of questions covers fundamental microeconomic concepts relevant to elementary school students, focusing on choices, scarcity, goods, services, and basic needs versus wants.

economics choices scarcity goods services needs wants

20 Questions Easy Ages 5+ Aug 27, 2026

Practice Test PDF Answer Key PDF

Choose a Study Format

Quiz

Test your knowledge with multiple-choice questions and instant feedback.

Flashcards

Flip through cards to review terms, definitions and key concepts.

True or False

Quickly decide if statements are true or false to reinforce understanding.

Match Game

Race against time to match questions with their correct answers.

Study Guide

Read through all topics and answers as a comprehensive study reference.

Listen Mode

Listen to questions and answers read aloud — great for audio learners on the go.

Embed This Study Set

Add this interactive study set to your website or blog — all 6 formats included.

<div data-quixly-id="6478"></div>
<script src="https://www.quixlylearn.com/assets/embed/widget.js"></script>

Learn more about embedding →

About this Study Set

This study set covers Microeconomics through 20 practice questions. This set of questions covers fundamental microeconomic concepts relevant to elementary school students, focusing on choices, scarcity, goods, services, and basic needs versus wants. 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 Exploring Basic Economics study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 When you can't have everything you want because there isn't enough, what is that called?

A Enoughness
B Scarcity
C Plenty
D Abundance

2 What are things we need to live, like food and water, called?

A Wants
B Luxuries
C Needs
D Extras

3 What do we call things we would like to have, but don't absolutely need to survive, like toys or video games?

A Needs
B Wants
C Essentials
D Requirements

4 When you decide to buy an apple instead of an orange, what are you making?

A A donation
B A mistake
C A choice
D A prediction

5 A toy car is an example of what kind of thing that you can touch and hold?

A A service
B A need
C A want
D A good

6 When a hairdresser cuts your hair, they are providing you with what?

A A good
B A need
C A service
D A want

7 Imagine you have only one dollar. You can buy either a pencil or a lollipop. This situation shows the idea of:

A Unlimited resources
B Sharing
C Making a choice because of scarcity
D Having too much money

8 Which of these is usually considered a 'need'?

A A bicycle
B A swimming pool
C A warm coat
D A video game console

9 Which of these is usually considered a 'want'?

A Water
B Bread
C A new toy
D Shelter

10 What is something people make or grow that they can sell?

A A job
B A service
C A good
D A choice

11 When a doctor helps you get better when you are sick, they are providing a:

A Good
B Need
C Service
D Want

12 Why do people have to make choices about what to buy?

A Because they have too much money.
B Because there are not enough things for everyone to have everything.
C Because they don't like shopping.
D Because they want to be difficult.

13 A book you read is an example of a:

A Service
B Need
C Good
D Choice

14 When a teacher teaches you in school, they are providing a:

A Good
B Want
C Need
D Service

15 What is the term for the limited availability of resources?

A Wealth
B Scarcity
C Abundance
D Generosity

16 Which of these describes something essential for survival?

A A pet dog
B A comfy pillow
C Clean air
D A video game

17 What do we call the thing you give up when you make a choice?

A A reward
B A surplus
C An opportunity cost
D A benefit

18 If you decide to play outside instead of doing your homework, what did you give up?

A Playing outside
B Your homework
C Your free time
D The chance to play outside

19 A loaf of bread is an example of a:

A Service
B Need
C Want
D Good

20 What is the work that someone does for another person called?

A A good
B A service
C A need
D A choice

📱

Study on the go

Download Quixly and access all study formats on your phone — anywhere, anytime.