Understanding Goods and Services

Understanding Goods and Services

Assessment

Flashcard

English

1st Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What are goods?

Back

Goods are items that people buy and use, like toys, food, and clothes.

2.

FLASHCARD QUESTION

Front

What are services?

Back

Services are activities that people do for others, like haircuts, teaching, or fixing cars.

3.

FLASHCARD QUESTION

Front

What does 'limited resources' mean?

Back

Limited resources mean there is not enough of something to satisfy all our wants.

4.

FLASHCARD QUESTION

Front

What does 'unlimited resources' mean?

Back

Unlimited resources mean there is enough of something to satisfy all our wants.

5.

FLASHCARD QUESTION

Front

What is opportunity cost?

Back

Opportunity cost is what you give up when you choose one thing over another.

6.

FLASHCARD QUESTION

Front

What can money be used for?

Back

Money can be used to buy goods and services.

7.

FLASHCARD QUESTION

Front

Who are buyers?

Back

Buyers are people who pay money to get goods and services.

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