Understanding Goods and Services

Front

What are goods?

Back

Goods are items that people buy and use, like toys, food, and clothes.

Front

What are services?

Back

Services are activities that people do for others, like haircuts, teaching, or fixing cars.

Front

What does 'limited resources' mean?

Back

Limited resources mean there is not enough of something to satisfy all our wants.

Front

What does 'unlimited resources' mean?

Back

Unlimited resources mean there is enough of something to satisfy all our wants.

Front

What is opportunity cost?

Back

Opportunity cost is what you give up when you choose one thing over another.

Front

What can money be used for?

Back

Money can be used to buy goods and services.

Front

Who are buyers?

Back

Buyers are people who pay money to get goods and services.

Front

Who are sellers?

Back

Sellers are people or businesses that offer goods and services for sale.

Front

What is a producer?

Back

A producer is someone who makes goods or provides services.

Front

What is a consumer?

Back

A consumer is someone who uses goods and services.