P2 Goods and Services

Complete the sentence.

People have to buy, sell and exchange ___________ among themselves.

• Goods and services

• Food and water

Goods are things bought and sold to satisfy people's ________.

• wants

• needs

• services

• goods

When consumers buy services, they do not get things but they get work done for them.

• True

• False

Giving goods and services in exchange for money is called....

• exchanging

• buying

• selling

Receiving goods and services in exchange for money is called....

• buying

• selling

• exchanging

What is the name for the medium used for the exchange goods and services?

• goods

• services

• money

_________ is the process of using productive resources to produce goods and services.

• Production

• Consumer

• Seller

• Buyer

A ________ is a person who uses goods and services.

• producer

• consumer

• seller

A _______ is a person who sells goods and services.

• producer

• consumer

• buyer

• seller

A ______ is a person who buys goods and services.

• producer

• seller

• buyer