Basic Economics: Goods and Services

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• Part 2: Money Or No Money

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• Basic Economics: Want vs. Need
Basic Economics: Supply and Demand
Basic Economics: Scarcity and Choices
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Part 1: Which Is Which?

One of the most basic ideas in economics is goods and services. More than anything else, money is spent on goods and services. It helps to know the difference between two.

A good is something that you can use or consume, like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either just once or over and over again.

A service is something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies. You don't really get something solid, like a book or a CD, but you do get something that you need.

See the difference? It doesn't always seem clear-cut. The basic difference is that a good is something you can hold in your hand (unless it's something big, like a car or a house).

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