Goods and Services Flashcards

Grade 3 · Social Studies · Flashcards

Study the key vocabulary for goods, services, and how economies work.

Flashcards

goods: Physical things you can buy, touch, and own (ex: food, clothes, toys)
services: Actions people do for others in exchange for money (ex: teaching, haircut)
economy: The system of making, buying, and selling goods and services
producer: A person or business that makes goods or provides services
consumer: A person who buys and uses goods and services
barter: Directly trading goods or services without using money
natural goods: Goods that come from nature (ex: apples, wood, cotton)
manufactured goods: Goods made by people or machines in factories (ex: toys, cars)
price: The amount of money needed to buy a good or service
trade: The exchange of goods or services between people or countries
supply: How much of a good or service is available to buy
demand: How much people want to buy a good or service