Tru-economics worksheet for students to evaluate economic statements and color them based on accuracy.

Let’s go through each statement one by one and decide if it’s true (color GREEN) or false (color RED + write correct answer).

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Statement 1:
*“The word economics is derived from the Greek word ‘oikonomia’ which means government management.”*

→ Let’s check: “Oikonomia” comes from Greek — “oikos” = house, “nomos” = law or management. So it originally meant “household management,” not “government management.”
✔ False → Color RED
Correct answer: *The word economics is derived from the Greek word ‘oikonomia’ which means household management.*

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Statement 2:
*“Economics is part of our day-to-day activities. Earning money and purchasing products are examples of it.”*

→ Yes! Every time you buy something, save money, or even choose how to spend your allowance — that’s economics in action.
✔ True → Color GREEN

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Statement 3:
*“Economics is not a social science.”*

→ Actually, economics IS a social science. It studies how people make choices about resources — just like sociology or psychology study human behavior.
✔ False → Color RED
Correct answer: *Economics is a social science.*

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Statement 4:
*“Adam Smith is the Father of Modern Economics.”*

→ Yes! Adam Smith wrote “The Wealth of Nations” in 1776 and is widely called the father of modern economics.
✔ True → Color GREEN

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Statement 5:
*“Economics does not follow a logical process.”*

→ Nope! Economics uses logic, data, models, and reasoning to understand how people and markets behave.
✔ False → Color RED
Correct answer: *Economics follows a logical process using data and models to explain behavior.*

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Statement 6:
*“According to the principles of economics, people do not face trade-offs.”*

→ This is wrong. One of the BIG ideas in economics is that people ALWAYS face trade-offs — because resources are limited. If you spend money on candy, you can’t spend it on toys. That’s a trade-off!
✔ False → Color RED
Correct answer: *According to the principles of economics, people DO face trade-offs because resources are limited.*

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Final Answer:

1. RED — The word economics is derived from the Greek word ‘oikonomia’ which means household management.
2. GREEN
3. RED — Economics is a social science.
4. GREEN
5. RED — Economics follows a logical process using data and models to explain behavior.
6. RED — According to the principles of economics, people DO face trade-offs because resources are limited.