The economy UNIT 3 Goods and services In this unit
In this unit you will: learn what goods and services are look at producers and consumers of goods and services, and the role of households in these activities
learn about using goods and services efficiently and effectively, and how to recycle and reuse goods to satisfy needs and wants.
LET US CHECK
By now you know that … ✔ individuals have some needs and unlimited wants that are met by goods and services
✔ some businesses supply goods to meet the needs and wants of consumers ✔ other businesses offer services to meet different needs and wants of consumers
✔ the government of a country also supplies many of the basic needs of its people
✔ everyone has a role to play in using resources wisely so that the needs of more people can be met.
Goods and services New words
goods: products you can see and touch
services: actions that businesses do for you; for example cleaning
Goods are products that you can see and touch. These are things that businesses hand over to you when you buy them, for example, bread and milk that you buy at a supermarket. Most goods are produced to satisfy the needs or wants of people. Food products satisfy our need to eat; cold drinks satisfy our need for liquids; shirts, trousers, dresses, and jerseys satisfy our need for clothing.
Services are actions that businesses perform for you that benefit you. For example, banks look after your money, dry cleaners clean and press your clothes, and taxis transport you to where you want to go. There is a cost for these services.
Goods are things that you can see and touch, such as shoes or a tin. Services are things that you use, like a taxi.
24 Term 1 The economy and entrepreneurship
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