Question

economics cloze reading
name: __________ date: _______
use the words at the bottom to fill in the blanks in the text about economics. use context clues!
economics are how society uses its limited resources. people go to work to earn an ____. this money helps families buy what they ____ like food, water, shelter, and clothes.
items like toys, candy, crayons, and eating at a restaurant are things people may ______ to spend their money on.
stores are in ____ for your money, because people have limited resources to spend. we cant buy everything we want! sometimes we have to make a choice, what we choose not to buy is called our ____. how would you spend your money?
© miss bailey 2019 https://www.teacherspayteachers.com/store/teaching-curious-kids

want income opportunity cost need competition

Explanation:

1. People work to earn money, which is called income.
2. Food, water, shelter, and clothes are essential items people need.
3. Toys, candy, and restaurant meals are non-essential items people want.
4. Stores compete with each other for customers' money, so they are in competition.
5. The item you give up when making a choice is your opportunity cost.

Answer:

1. Income
2. Need
3. Want
4. Competition
5. Opportunity cost