Basic Economics: Goods and Services
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 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.
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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.
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).
Social Studies for Kids
copyright 2002–2023
David White
