Chapter 8 Study Guide: Goods and Services

Which sentence best tells what goods are?

• Paper bills and coins used to buy things

• A person who buys goods and uses services

• Activities people do to help satisfy wants

• Things people make or use to satisfy wants

Which one is a service?

• A haircut from a barber

• A toy robot in a box

• A sandwich in a bag

• A book you can read

Who is a consumer?

• A person who buys and uses goods and services

• A person who makes goods and provides services

• Paper bills and coins used to pay

• Money saved to spend in the future

Who is a producer?

• A person who makes goods and provides services

• A person who wants many new toys

• A person who saves every single coin

• A person who buys goods for fun

What is the main purpose of money?

• Numbers we write to count objects

• Cards people collect for a hobby

• Stickers we trade for chores at home

• Paper bills and coins used to pay for things

What does savings mean?

• Money not spent now so it can be used later

• Money used today to buy games and snacks

• Coupons that make toys and books cheaper

• Points you earn for helping at school

When you have a choice, what can you use to help you decide?

• A decision-making model

• ideas from a consumer

• ideas from a producer

• charts of goods and services

When you choose one thing, what is a cost?

• What makes you feel happy after buying

• What you give up when you decide to do something

• The coins you get in your piggy bank

• The store where you buy your snack

Which choice shows a benefit of a decision?

• Getting warm hands after buying gloves

• Not being able to buy a toy today

• Giving up time you could play outside

• Spending all your allowance at once

You have $5. You want a book now, but you also want to save for a game later. What is a good plan?

• Save the $5 today for the game later

• Lose the $5 and hope for more later

• Buy candy now and borrow for the game

• Spend all $5 now so saving is easy