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Understanding Goods, Services, and Economics

Understanding Goods, Services, and Economics

Assessment

Interactive Video

Social Studies, Business, Education

3rd - 5th Grade

Practice Problem

Medium

Created by

Ethan Morris

Used 61+ times

FREE Resource

Mrs. Holmes introduces the concepts of goods and services, explaining their differences and providing examples. She discusses the roles of producers and consumers and how supply and demand affect prices. The video concludes with a quiz to test students' understanding.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a good?

A bus driver

A dentist

A computer

A teacher

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a natural resource used to make goods?

Glass

Metal

Wood

Plastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a service?

A manufactured item

Work done for someone else

A grown item

A natural resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which profession provides a service?

Farmer

Artist

Dentist

Carpenter

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered a producer?

Both B and C

Someone who grows goods

Someone who offers services

Someone who buys goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a consumer?

To grow goods

To make goods

To offer services

To buy goods or services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when the demand for a product is high but the supply is low?

The price goes down

The price goes up

The product becomes free

The product is discontinued

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