Goods/Services

A person who buys or uses good and services is called a...?

• Consumer
• Producer
• Demand
• Goods

 The difference between a good and a service is that:

• Goods are available in unlimited quantaties and services are not 
• Goods can be carried home and services can not 
• Services are available in unlimited quantaties and goods are not 
• goods help satisfy unlimited wants and services do not

A good is something you buy and consume. Tell which is a good.

• You buy cookies from Mrs. Jenny in the caferteria. 
• Mrs. Priester ask you to wash the tables.
• You hire someone to braid your hair
• You ask a friend to shampoo your living carpet.

What is the fundamental problem of economics? 

• How to keep consumers out of debt?
• How to fulfill our unlimited wants and needs with limited resources?
• How to figure out the way to make the most money?
• How do we ensure all people get a college education?

What is an entrepreneur?

• A worker in a company
• The person who takes a risk to start a business
• an inventor
• The person in commercials for a product

What are the three Basic Economic Questions?

• What service will be produced?
  When it will be produced?
  How will they be used?
• What goods or services will be produced? 
  Why it will be produced?
  Who will consume, or use, them? 
• What goods or services will be produced?
  How will they be produced? 
  Who will consume, or use, them?

Which of the following is a service?

• a restaurant meal
• a guitar lesson
• dry-cleaning fluid
• a concert t-shirt

An individual who tries to earn a profit by developing a new product or finding a better way to produce an existing one is a(n)

• employee
• manager
• entrepreneur
• executive

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

Tasks completed for you by other people or by machines are called:

• Goods
• Needs
• Services
• Wants