Exploring Goods and Services in Economics

Mrs. Lamb introduces the new economics unit by explaining the differences between goods and services. Goods are tangible items that can be touched or held, while services are intangible and consumed as they are produced. The concept of scarcity is discussed, highlighting that there are not enough goods and services to satisfy everyone's wants. Examples are provided to help identify goods and services, such as haircuts and footballs. The video concludes with a summary and closing remarks.

What is the study of how productive resources are used to provide goods and services?

• Biology

• Economics

• Physics

• Chemistry

Which of the following is a characteristic of goods?

• They are intangible

• They cannot be stored

• They must be consumed immediately

• They are tangible items

Which of the following is an example of a good?

• A haircut

• A plumber's service

• A visit to the dentist

• A book

What is a key characteristic of services?

• They are produced and consumed at different times

• They are non-physical results of production

• They can be stored for later use

• They are tangible

Which of the following is an example of a service?

• A car

• A book

• A football

• A teacher's lesson

What does scarcity mean in economics?

• There are more goods and services than needed

• Everyone's wants are always satisfied

• There are not enough goods and services to satisfy everyone's wants

• Goods and services are free for everyone

Which of the following is an example of scarcity?

• Goods and services being freely available

• Everyone getting what they want

• A store having only a limited number of discounted items on Black Friday

• Unlimited supply of a new game system

Is a haircut a good or a service?

• Neither

• Both

• Service

• Good

Is a football a good or a service?

• Neither

• Both

• Service

• Good

What type of economic activity is provided by an auto mechanic?

• Good

• Service

• Both

• Neither