Goods and Services Topic

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. © 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.

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. © 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.

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.