Name:

Date:

Economics Unit Assessment

Read each question before answering. Short answer questions

should be answered in 2-3 complete sentences with correct spelling
and punctuation. Some questions have multiple parts so please
make sure you have fully answered each question. Good Luck!

1. Determine if each picture below is representing a good or a

service and circle a G for good or an S for service below

each picture.

G S
G

G
S

2. The first column below lists the three types of taxes we have
learned about this week. For each tax, find the correct
definition in the second column and write the letter of the
definition on the line to the left of each tax. Each definition in
the second column may only be used once.
___ Property Tax
___ Sales Tax
that a person or
income.
___ Income Tax
of real
you own.

A) A tax that is added to the price of

goods and services.
B) A tax that is paid on the money
business receives as
C) This tax is usually based on the value
estate, including the land,

3. Give one reason for why we pay taxes. What are they used for?

4. Using the Maps below, give an example of a local good and a

global good. Tell where each of these goods are produced and
explain why they are considered local or global.

For questions 5 and 6, think about the building bridges activity. How
did your actions throughout the activity affect the outcome of your
bridge?
5. What is one benefit of saving and budgeting your money?

6. What is trade and how can it benefit both parties?

7. What is one takeaway you have from this Economics Unit?