Exploring Goods and Services in Financial Literacy

Connie and Josh introduce financial literacy, explaining the difference between goods and services. They provide examples to help distinguish between the two and discuss how money is earned and spent. The video includes a group activity to reinforce these concepts.

What does financial literacy involve?

• Understanding stock markets

• Learning about different currencies

• Studying economics at school

• Being smart about your money

Who is considered a consumer?

• A person selling goods

• A person buying goods for personal use

• A company providing services

• A business purchasing for resale

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What does a consumer do?

• Provides services

• Purchases goods and services

• Manufactures products

• Invests in stocks

What is an example of a good?

• A medical checkup

• A plumbing repair

• A television

• A haircut

Which of the following is a service?

• Smartphone

• Car repair

• Books

• Groceries

Which of the following is not a good?

• Groceries

• A book

• A manicure

• A cell phone

What do you need to acquire goods and services?

• A bank account

• Permission

• Money

• A job

How does Jon earn his money?

• By mowing the lawn

• By washing his neighbor's car

• By cleaning his room

• By getting good grades

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CCSS.RI.1.1

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What does Molly do to earn money?

• Mows her parents' yard

• Washes cars

• Gets good grades

• Cleans her room

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What is the consequence of Max's spending habits?

• He saves a lot of money

• He never has any money

• He invests wisely

• He borrows frequently

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