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Goods and Services
Social Studies, Grade 3
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Study Guide Goods and Services Social Studies, Grade 3
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GOODS
AND
SERVICES
Goods
are
things
that
are
made
or
grown
and
then
sold.
Examples
of
goods
are
shoes,
pencils,
soap,
and
foods
such
as
apples,
cereals
and
meats.
Services
are
the
jobs
people
do
for
others.
Examples
of
a
few
service
jobs
are
teacher,
minister,
barber,
waitress,
doctor,
nurse.
Commerce
is
the
buying
and
selling
of
goods.
Commerce
is
sometimes
referred
to
as
trade.
Producer
-
someone
who
makes
a
product
or
provides
a
service.
Products
are
the
goods
and
services.
Consumer
-
someone
who
buys
goods
or
uses
services.
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Permission
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purchaser
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Raw
materials
-
things
in
nature
that
can
be
used
to
make
goods,
such
as
wood,
cotton,
coal,
oil.
Capital
resources
are
the
machines,
tools,
and
buildings
used
to
produce
goods
and
services.
Factory
-
a
building
where
people
produce
goods.
Assembly
line
-
workers
and
machines
complete
steps
to
produce
goods.
Many
workers
specialize
in
doing
just
one
step
or
job
on
an
assembly
line.
Supply
-
the
amount
of
a
product
a
producer
decides
to
sell.
When
the
supply
is
high,
there
are
many
goods
and
prices
go
down.
Demand
-
The
amount
of
goods
or
services
people
want
and
can
pay
for.
When
demand
is
high,
there
are
not
enough
goods
or
services
and
prices
go
up.
Market
-
a
place
where
goods
are
bought
and
sold.
Advertising
-
ways
of
communicating
with
consumers
to
encourage
buying.
Wants
-
goods
or
services
people
would
like
but
can
live
without.
Needs
-
goods
or
services
people
must
have
to
live.
Basic
needs
-
food,
clothing,
shelter
Scarcity
-
not
enough
of
something
to
meet
all
wants
and
needs.
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purchaser
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Farm
-
place
where
crops
or
livestock
are
grown
for
food.
Mine
-
place
in
the
earth
where
rocks
or
minerals
are
found.
Miners
work
in
mines
to
find
things
that
are
useful
for
fuel,
metals,
jewelry.
Logging
-
cutting
trees
for
lumber
and
paper.
Transport
-
to
move
or
carry
goods
from
place
to
place.
Try
this!
Think
of
ways
you
can
be
a
producer.
Think
of
ways
you
can
be
a
consumer.
© Copyright NewPath Learning. All Rights Reserved.
Permission
is
granted
for
the
purchaser
to
print
copies
for
non-commercial
educational
purposes
only.
Visit
us
at
www.NewPathLearning.com.
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