Goods and services

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/goods-and-services

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the difference between a good and a service?Goods are physical items you can touch, own, and store, like food or toys. Services are actions people do for you, like a haircut or a lesson, and they happen right when you get them.
2. Why do we need both goods and services in our economy?Goods give us the things we need to live, and services help us do things better and faster, like traveling or learning. Together they create jobs and make life easier.

Utility: The satisfaction or benefit derived by a consumer from the consumption of a good or service.
Intermediate Goods: Goods used as inputs in the production of other goods or services.
Economic Interdependence: A situation where different economic actors rely on each other for goods, services, or markets.