Current EventsBook ReviewsFun and GamesCulturesTeaching Resources

Basic Economics: Goods and Services

More of this Feature

• Part 2: Money Or No Money

On This Site

• Basic Economics: Want vs. Need
Basic Economics: Supply and Demand
Basic Economics: Scarcity and Choices
Basic Economics:
Economics links

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).

Next page > Money Or No Money > Page 1, 2

Graphics courtesy of ArtToday


Pass your mcts 70-511 exam and 70-647 testlets dumps exams on the first try by using our guaranteed examcollection 70-640 dumps, 70-659 vce certification material and best quality examcollection 70-646 dumps.
Custom Search

Follow SocStudies4Kids on Twitter


on this site

Social Studies
for Kids
copyright 2002-2014,
David White

Sites for Teachers