Goods Services

My eraser is a _______.

• service

• good

A television is a ______.

• service

• good

A skateboard is a _________.

• service

• good

My clothes are ____________

• Goods

• Services

How are goods different from services?

• Goods are physical, tangible products, while services are intangible actions or tasks.

• Goods are actions, while services are products

Put the words in the correct blank.

a

b

c

d

service

producer

good

consumer

Why do people need goods and services?

• People need goods and services to cause scarcity in the market.

• People need goods and services to satisfy their wants and needs.

Give an example of a service.

• Online streaming service like Netflix

• Video conferencing platform like Zoom

What are goods?

• Goods are intangible services that cannot be bought or sold.

• Goods are tangible products that can be bought and sold in the market.

the products that people buy and sell

• good

• supply

• demand

• service