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MG-U4 Ch1 Pt 1 SG

Unit 4 Ch 1 Part 1 Study Guide

QuestionAnswer
Goods Things you can touch and buy Examples: toys, food, clothes
Services Work that someone does for you Examples: harcut, teaching, fixing a car
Producer A person who makes goods or provides services Examples: farmer, baker, teacher
Consumer A person who buys or uses goods and services Examples: someone buying food or toys
Societies Groups of people who live and work together Example: your town or community
Free Enterprise A system where people can start businesses and choose what to sell
Business A place or person that sells goods or services Examples: store, restaurant
Goods vs Services Goods= things you can hold (toys, apples) Services= things people do (teaching, haircuts)
Producers and Consumers Producers make goods or provide services/ Farmers grow food/ Bakers make bread Consumers buy or use goods and services/ kid buying candy/ family buying groceries
Business Sells goods or services
In free enterprise anyone can start a business Example: lemonade stand
Society a group of people living and working together
People... buy, sell, and help each other
Remember- Producers make - Consumers buy
Remember~ Goods=things ~ Services=actions
Remember Businesses help people get what they need
Created by: user-1929490
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