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.
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.
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