S.S. Week 30: Goods and Services

What are goods?

• Goods are things you pay someone to do for you.

• Goods are items you buy.

• Goods are things you want.

• Goods are things you think are good.

What are services?

• Services are items you buy.

• Services are military protection.

• Services are important.

• Services are things you pay someone to do for you.

The law of supply and demand is the theory that prices are determined by the relationship between supply and demand. If the _________ of a good or service is high, then ___________ might be low.

• demand, supply

• prices, supply

• demand, price

• supply, demand

How do businesses compete?

• Businesses compete by offering better products or services for higher prices.

• Businesses compete by offering newer products or services for higher prices.

• Businesses compete by offering similar products or services for lower prices.

• Businesses compete by offering newer and totally different products or services for higher prices.

A consumer is ________________________________.

• the customer seeking to purchase goods or services.

• always right.

The most common way to ship goods in Georgia is by _____________.

• plane

• train

• ship

• truck

What businesses started in Georgia?

• Coca-Cola

• Home Depot

• Georgia Pacific

• Coca-Cola, Home Depot, & Georgia Pacific

Businesses like farms and grocery stores are ___________ of each other because they depend on each other for income and profit.

• important

• interdependent

• not dependent

• related to

Outdoor marketplaces are __________ places to sell homemade goods

• common

• uncommon

• nice

• good