Understanding Goods and Services

What is a "good"?

• A type of service

• Something you can buy, sell, or make

• A natural resource

• A skill or talent

What is a "service"?

• A product you can touch

• Work that people do

• A natural resource

• A type of good

Who is a "consumer"?

• A person who makes goods

• A person who buys goods and services

• A person who sells goods

• A person who fixes cars

What is a "producer"?

• A person who buys goods

• A person who uses services

• A person who makes goods and services

• A person who imports goods

What does "cost" mean?

• The amount of money something is

• A type of natural resource

• A skill or talent

• A local business

What is "opportunity cost"?

• The price of a good

• What you give up to have something

• A type of service

• A natural resource

What does "local" mean?

• Far away

• Near the surrounding area

• A type of export

• A type of import

What is an "export"?

• Something that comes into the country

• Something that exits the country

• A type of natural resource

• A skill or talent

What is an "import"?

• Something that exits the country

• Something that comes into the country

• A type of good

• A type of service

What are "natural resources"?

• Skills and talents

• Resources made by humans

• Found in nature used by humans

• A type of technology