
Understanding Goods and Services
Flashcard
•
English
•
1st Grade
•
Medium
Wayground Content
Used 1+ times
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15 questions
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1.
FLASHCARD QUESTION
Front
What are goods?
Back
Goods are items that people buy and use, like toys, food, and clothes.
2.
FLASHCARD QUESTION
Front
What are services?
Back
Services are activities that people do for others, like haircuts, teaching, or fixing cars.
3.
FLASHCARD QUESTION
Front
What does 'limited resources' mean?
Back
Limited resources mean there is not enough of something to satisfy all our wants.
4.
FLASHCARD QUESTION
Front
What does 'unlimited resources' mean?
Back
Unlimited resources mean there is enough of something to satisfy all our wants.
5.
FLASHCARD QUESTION
Front
What is opportunity cost?
Back
Opportunity cost is what you give up when you choose one thing over another.
6.
FLASHCARD QUESTION
Front
What can money be used for?
Back
Money can be used to buy goods and services.
7.
FLASHCARD QUESTION
Front
Who are buyers?
Back
Buyers are people who pay money to get goods and services.
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