Trading Good and Services-FL Studies Weekly 26

What are goods?

• things someone does for someone else

• items that producers make and consumers buy

• the study of how money, goods and services are made and used in a society

• people who provide services or make things

What are services?

• things someone does for someone else

• items that producers make and consumers buy

• the study of how money, goods and services are made and used in a society

• people who provide services or make things

What is economics?

• things someone does for someone else

• items that producers make and consumers buy

• the study of how money, goods and services are made and used in a society

• people who provide services or make things

What are consumers?

• people who buy goods and services

• items that producers make and consumers buy

• a medium of exchange

• people who provide services or make things

What is money?

• people who buy goods and services

• items that producers make and consumers buy

• a medium of exchange

• people who provide services or make things

What is the difference between goods and services?

• Goods are something someone does for you, while services are items producers make and consumers buy.

• Goods are places you go, and services are baked treats you sell at a bake sale.

• Goods are baked treats you sell at a bake sale, and services are places you go.

• Goods are items producers make and consumers buy, while services are something someone does for someone else.

How is money a medium of exchange?

• Money is a good or service people can buy.

• People have agreed that paper money and coins have a certain value and worth.

• People have agreed that money has no worth, and it cannot be used.

• Money can be traded for a credit card.

Why did salt used to be valuable?

• Salt had no value.

• Salt was easy to find, but it was not used by very many people.

• Salt was hard to find, but it was used by many people to flavor their food.

• Salt was found in the ocean and was very plentiful.

Which of the following is an example of how people can trade for goods and services?

• John goes to a restaurant, orders dinner and pays with his credit card.

• Anne sells her parrots to other pirates who need them.

• Anne barters with Madame Ching to get her knife sharpened.

• John goes to the grocery store to buy food.

In which situation would water be a scarcity?

• when a person is walking near a freshwater stream

• when a person buys drinking water at the store and the shelves are full

• when a person is playing at a park with drinking fountains

• when pirates are on a long voyage and do not see land for a long time