Goods and Services Unit Assessment

Which is an example of a good?

• 
• 
• 
• 

Answer explanation

A pencil is a good because it is something you can buy and sell.

A _______ is things that people do for us that satisfy our wants.

• Good

• Service

• Need

Answer explanation

Services can be anything from a haircut to a fire fighter putting out a fire.

True or False: Goods are things you can buy and sell.

• True

• False

Answer explanation

You can buy and sell books, candy bars, and toy cars.

Does this person provide a good or a service?

• Good

• Service

_______ is how much of something someone has.

• Supply

• Demand

• Service

• Good

What is demand?

• How much people want the good or service.

• When there is not enough of something.

• The amount of good or service that is available.

• What you give up in order to get what you want the most.

When summer comes it gets much hotter outside. The DEMAND for jackets is

• Low

• High

Answer explanation

The demand for jackets is low in the summer because it is too hot to wear a jacket. Imagine wearing a jacket in this heat!

When you have a little bit of an item the supply is_____.

• High

• Low

Answer explanation

Supply is how much of something someone has, so when there is only a little bit of it the supply is low.

A _____ is someone who makes something.

• Producer

• Consumer

Answer explanation

A producer can make things such as phones, cucumbers, or cookies.

People who buy things are called