Goods & Services
Is a book from a store a good or a service?
A good
Name two basic human needs that people must have to survive.
Food, water, shelter, or clothing.
What do we call a person who buys and uses goods or services?
A consumer
What is the word for income that you earn but choose not to spend right away?
Savings
What natural resource is used to make orange juice?
Oranges
When a doctor checks your health or a teacher teaches a lesson, are they providing a good or a service?
Service
Is an lego set or a bicycle a need or a want?
A want
What do we call a person or business that grows or makes goods to sell?
A producer.
Name a safe place where people can put their money to save it for big purchases
A bank (or savings account / piggy bank)
Near what type of natural resource would someone live if they want to catch fresh fish every day?
An ocean, lake, river, or body of water.
A police officer keeps our neighborhood safe. Is a police officer providing a good or a government service?
A government service.
Why do adults work at jobs?
To earn money to buy the goods and services they need and want.
A farmer grows apples. Is the farmer a producer or a consumer?
A producer.
What are taxes?
Money collected by the government to pay for community services.
What natural resource do we use to build wooden houses and furniture?
Trees / Timber
Name one good you might buy if you visit a cold, snowy town for the first time.
A warm coat or clothing
If you have $10 and you need to buy lunch, but you also want a toy, which one should you buy first and why?
Lunch, because food is a basic need for survival.
Apples grow in Washington, but people in Florida want to eat them. How do Florida consumers get Washington apples?
Producers in Washington ship and sell their apples to stores in Florida.
If you are saving money for a new bicycle but don't have enough yet, what are two things you could do?
Save more of the money you earn, work to earn more money, or borrow money.
What are the three basic steps to turn an orange tree into juice at the grocery store?
1. Pick the oranges from trees. 2. Squeeze/process them into cartons at a factory. 3. Ship them to the store to sell.
What is the main difference between a good and a service
A good is a physical thing you can touch/keep, while a service is work or an action done for someone else.
Explain why a warm coat is a need in a snowy town, but a silver ring is a want.
A coat keeps you warm and safe from extreme cold (a survival need), while a ring is decorative (a want).
Can a person be both a producer and a consumer? Give an example.
Yes (ex. a baker produces bread at work, but buys groceries at the store as a consumer)
In our country's economic system, how do people decide where to spend their money?
People have the free enterprise choice to pick which stores and businesses they buy goods and services from.
Why do businesses often build factories or farms near specific natural resources?
To easily get the materials they need to make their products.