Grade 5 · Social Studies · Economics

5th Grade Scarcity and Economic Choices worksheets

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Scarcity and Economic Choices

Grade 5 Social Studies Worksheet

NameDate

Read each one. Circle whether it is a need, a want or an opportunity cost.

1.
Movie tickets on Friday.
- need
- want
- opportunity cost
2.
Shoes that fit.
- need
- want
- opportunity cost
3.
The hour of play you give up to study.
- need
- want
- opportunity cost
4.
A visit to the doctor.
- need
- want
- opportunity cost
5.
The movie you skip to go to a friend's party.
- need
- want
- opportunity cost
6.
The pizza you pass up to buy a salad.
- need
- want
- opportunity cost
7.
The band class you drop to take art.
- need
- want
- opportunity cost
8.
Clothes to wear to school.
- need
- want
- opportunity cost
9.
A fifth pair of sneakers.
- need
- want
- opportunity cost
10.
A toy robot.
- need
- want
- opportunity cost

5th Grade Scarcity and Economic Choices worksheet 1 – printable PDF — Download PDF: 1 2 3 4 5 6

About this worksheet

Resources such as money and time are limited, which is called scarcity, so people have to choose. A need is something a person must have to live, such as food, water and shelter. A want is something a person would like to have but can live without. When a choice is made, the opportunity cost is the next best thing given up.

On this fifth grade sheet a child reads ten items and circles whether each is a need, a want or an opportunity cost. Each version has different items, and the answer key gives every answer.

What your child will learn

Know that resources are scarce
Tell a need from a want
Know what an opportunity cost is
See that every choice gives something up

C3 Framework standard: D2.Eco.1.3-5

Worked example

Water to drink is a need. A new video game is a want. The game you do not buy when you spend your money on a book is the opportunity cost.

Common mistake

Thinking the opportunity cost is the thing you chose, when it is the thing you gave up.

Helpful hint

Can you live without it? If not, it is a need. If you can, it is a want. If it is what you gave up to choose something else, it is an opportunity cost.

Next skill: Analyze a Primary Source Earlier: Migration and Settlement

Questions parents ask

What is the most common mistake with scarcity and economic choices?

Thinking the opportunity cost is the thing you chose, when it is the thing you gave up.

How can I help my child with scarcity and economic choices?

Can you live without it? If not, it is a need. If you can, it is a want. If it is what you gave up to choose something else, it is an opportunity cost.

Are these 5th grade social studies worksheets free to print?

Yes. All 6 printable versions on this page are free to download and print, with no account needed.

More 5th grade economics

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