Goods and Services
Good or Service? - A car
Good
It the beginning of the school year and everyone is buying the new Paw Patrol backpacks. Since demand is high, prices will ______________.
Go up
The amount of money a business makes after paying for materials and workers is called
Profit
Good or Service? - Teaching
A service
Your neighbor is selling his legendary Pokemon Cards. He only has 2 Pikachu Illustrator Cards left. Since supply is low, the price will ___________.
Go up
The total amount of a good or service that a business has to sell is called
Supply
What is a good?
Physical objects you can buy.
Raphael started a dog walking business. He charges 10 dollars per dog. He only has 1 customer his first week. Next week, prices will ____________ for Raphael to try and get more customers.
Go down
The total amount of a good or service the customer will buy is called
Demand
What is a service?
Things we pay others to do for us.
Ronald is selling lemonade at the park for 2 dollars. Shanelle opens another lemonade stand across the street and sells a lemonade for 1 dollar. Ronald's prices will likely _____________.
Go down
__________ are things that lead businesses to make certain choices.
Incentives
Give 3 examples of a good, and 3 examples of a service.
Goods: Clothing, toys, candy, food, mugs, chairs, spoons, etc.
Services: Nail salon, firefighters, police, dog walkers, baby sitters, etc.