Goods and Services

Goods, Services, Supply and Demand

by Margaret Ward

​Objective

​Students will identify the differences in goods and services.

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​Students will identify the differences in supply and demand.

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​Students will become familiar with economic terminology and meaning.

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​Students will understand the effect supply and demand have on prices.

Multiple Choice

Doctor: Goods or Service?

• Goods
• Service

Multiple Choice

iPhone: Goods or Service?

• Goods
• Service

Multiple Choice

You pay your sister $5 to clean your messy bedroom.

• Good
• Service

Multiple Choice

You buy a book from a garage sale.

• Good
• Service

Multiple Choice

Which is an example of a service?

• book
• police officer
• chair
• backpack

Multiple Choice

Which is an example of a good?

• nurse
• mechanic
• basketball
• cook

Multiple Choice

Does this person provide a good or a service?

• good
• service

Multiple Choice

• good
• service

Multiple Choice

• good
• service

Multiple Choice

Does this person provide a good or a service?

• good
• service

Multiple Choice

True or False: A service is something that someone else does for you, or provides you.

• true
• false

Multiple Choice

Does this person provide a good or a service?

• good
• service

Multiple Choice

• good
• service

Multiple Choice

Economics is the study of

• apples and oranges.

• how resources are made, used, traded, bought, or sold.

• scholar's achievements.

• animals.

Multiple Choice

A consumer is

• an actor from Mars

• a driver for NASCAR

• a zookeeper

• a buyer who buys a good or service

Multiple Choice

Scarcity is

• having enough supply to meet the demand of the people.

• having too much money.

• not having enough supply to meet the demand of the people.

• a popular dance on TikTok.

Multiple Choice

Demand is

• how much consumers want a good or service.

• giving orders.

• singing in the rain.

• riding on a cruise ship.

Multiple Choice

What is supply?

• the amount of goods and services provided

• a game

• Christmas gift

• something you cook

Draw

Which is high supply or demand?