2nd Grade Social Studies

Goods and Services

Unit 5


Welcome to Unit 5: Goods and Services!

Let's watch this super fun video on goods and services!

Everything you buy is either a good or a service!

What are goods?

Goods are objects that you buy to satisfy needs or wants. They are physical objects that you can touch with your hands.

Examples:

  • Bananas

  • Shoes

  • Book

  • Car

  • Shirt

What are services?

A service is a an action that someone does for someone else. They are not physical objects that you can touch with your hands and the service is usually paid for.

Examples:

  • Car wash

  • Baking a cake

  • Medical checkup

  • Pizza delivery

Let's play this super fun game on goods and services!

How are goods and services handed out?

The way that goods and services are given out is determined the price, majority rule, contests, sharing, lottery, and first-come, first-served.

Price

The good or service goes to those whoever uses market strategies (ways) like trade, barter, or price (paying for the resource).

Majority Rule

The good or service goes to those who win an election or have the most people vote for them (majority). This way works to make the largest number of people satisfied (happy).

Contests

The good or service goes to the best contestant (member of the competition) or the winner of a race or a competition.

Sharing

The good or service goes to multiple people and groups by dividing the resource. Everyone gets an equal part.

Lottery

The good or service goes to the luckiest person or group. This system is random but fair because it is based on chance and luck (everyone has a chance to win).

First-come, First-Served

The good or service goes to the "early bird" or the first in line. An example of this is in restaurants: the first person gets to order and eat first.

What are producers?

Producers are people who create and supply goods and services that are sold in the economy.

Examples:

  • Doctors

  • Veterinarian (Pet doctor)

  • Librarian

  • Lawyer

What are consumers?

Consumers are people who use goods and services for their wants and needs. Consumers are not involved in the production of other goods and services. Everyone is a consumer because everyone buys things to survive (Ex: food and water).

Natural Resources

Natural resources are raw materials from the environment that be used to produce new products and materials.

Examples:

  • Wood

  • Copper

  • Diamonds

Human Resources

Human resources are the people that make up the workforce and provide labor and people for businesses and the economy.

Examples:

  • Therapist

  • Translator

  • Gas Station Worker

Capital Resources

Capital Resources are the goods made to provide for other goods and services.

Examples:

  • Pens

  • Hammer

  • Factories

  • Machines

Renewable Resources

Renewable Resources are resources that can replaced before they run out. They can be used repeatedly because they are replaced naturally.

Examples:

  • Hydroelectric Energy (Water)

  • Solar Energy (From the Sun)

  • Wind Energy

Non-renewable Resources

Non-renewable Resources are resources that are being consumed (used) before they can be replaced. There are not enough resources to replace them naturally.

Examples:

  • Fossil fuels (gas, oil)

  • Coal

  • Uranium

Play this super fun game and sort natural resources!

Nice job! You're done with Unit 5: Goods and Services

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