Understanding Goods and Services

What is a good?

• A type of animal

• Something you can touch and buy

• A place to live

• A type of food

Who is a consumer?

• Someone who makes goods

• Someone who buys and uses goods

• Someone who saves money

• Someone who works in a factory

What is a service?

• A type of fruit

• Something you can eat

• A job someone does for you

• A type of clothing

Who is a producer?

• Someone who buys goods

• Someone who makes goods or provides services

• Someone who saves money

• Someone who teaches

What does it mean to save money?

• To spend all your money

• To keep money for later

• To give money away

• To buy a lot of toys

What does it mean to spend money?

• To keep money in a piggy bank

• To use money to buy things

• To give money to friends

• To count money

Which of the following is an example of a good?

• A haircut

• A toy car

• A dance lesson

• A song

Which of the following is an example of a service?

• A book

• A sandwich

• A car wash

• A pair of shoes

If you buy a toy, what are you doing?

• Saving money

• Spending money

• Making money

• Losing money

If you put your money in a piggy bank, what are you doing?

• Spending money

• Saving money

• Giving money

• Earning money