2nd Grade Social Studies
Goods and Services
Unit 5
Welcome to Unit 5: Goods and Services!
Welcome to Unit 5: Goods and Services!
Let's watch this super fun video on goods and services!
Let's watch this super fun video on goods and services!
Everything you buy is either a good or a service!
Everything you buy is either a good or a service!
What are goods?
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.
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?
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.
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!
Let's play this super fun game on goods and services!
How are goods and services handed out?
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.
The way that goods and services are given out is determined the price, majority rule, contests, sharing, lottery, and first-come, first-served.
Price
Price
The good or service goes to those whoever uses market strategies (ways) like trade, barter, or price (paying for the resource).
The good or service goes to those whoever uses market strategies (ways) like trade, barter, or price (paying for the resource).
Majority Rule
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).
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
Contests
The good or service goes to the best contestant (member of the competition) or the winner of a race or a competition.
The good or service goes to the best contestant (member of the competition) or the winner of a race or a competition.
Sharing
Sharing
The good or service goes to multiple people and groups by dividing the resource. Everyone gets an equal part.
The good or service goes to multiple people and groups by dividing the resource. Everyone gets an equal part.
Lottery
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).
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
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.
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?
What are producers?
Producers are people who create and supply goods and services that are sold in the economy.
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?
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).
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
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
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
Capital Resources are the goods made to provide for other goods and services.
Examples:
Pens
Hammer
Factories
Machines
Renewable Resources
Renewable Resources
Renewable Resources are resources that can replaced before they run out. They can be used repeatedly because they are replaced naturally.
Renewable Resources are resources that can replaced before they run out. They can be used repeatedly because they are replaced naturally.
Examples:
Examples:
- Hydroelectric Energy (Water)
- Solar Energy (From the Sun)
- Wind Energy
Non-renewable Resources
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.
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:
Examples:
- Fossil fuels (gas, oil)
- Coal
- Uranium
Play this super fun game and sort natural resources!
Play this super fun game and sort natural resources!
Nice job! You're done with Unit 5: Goods and Services
Nice job! You're done with Unit 5: Goods and Services
Test & Try what you learned! Click the button below.
Test & Try what you learned! Click the button below.