Economics

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/economics

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the core economic problem?Scarcity of resources relative to unlimited human wants
2. What is the economic schools of thought?Major branches include Classical, Neoclassical, Keynesian, Monetarist, and Austrian economics
3. Why do we need to trade or make choices?Because we have limited resources like land, labor, and money, but many wants and needs, so we must decide how to use them best.
4. How do prices help us?Prices act as signals that show how much people want something and how much it costs to make it, helping supply and demand match.

Utility: The satisfaction or benefit derived from consuming a good or service.
Inflation: A general increase in the prices of goods and services over time, reducing purchasing power.
Gross Domestic Product (GDP): The total monetary value of all finished goods and services produced within a country in a specific time period.
Comparative Advantage: The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.