Social Studies - 2019-20

1.7 - Goods and Services

The student will explain the difference between goods and services and describe how people are consumers and producers of goods and services.

Adopted: 2015

BIG IDEAS

There are certain goods and services that people need and want.

An economy needs consumers and producers.

UNDERSTANDING THE STANDARD

Goods and services satisfy people’s wants.

People are consumers when they buy or use goods and services.

People are producers when they make goods or provide services.

Most people are both consumers and producers.

ESSENTIALS

Terms to know

  • goods: Things people make or use to satisfy wants
  • services: Activities that satisfy people’s wants
  • consumer: A person who uses or buys goods and services
  • producer: A person who makes goods or provides services

KEY VOCABULARY

Updated: Jul 24, 2019