Economics & Management Sciences - Term 2 - Week 10

Goods are tangible items that can be touched and owned, such as toys, books, and food. Services, on the other hand, are actions or activities that one person performs for another, like haircuts, teaching, or car repairs. In our daily lives, we encounter both goods and services regularly. For example, when you buy a pizza, the pizza itself is a good, while the delivery service is a service.

Let's look at some examples together. If I say 'grocery store', what goods can you find there? (Students might respond with fruits, vegetables, and snacks.) Now, think about the services provided at a grocery store. What services do you think they offer? (Students might mention delivery or customer assistance.) This shows how goods and services work together in our economy.

In pairs, discuss the following questions: 1) What is a good you bought recently? 2) What service did you use last week? After a few minutes, we will share our answers with the class. This will help us see the variety of goods and services we interact with every day.

Create a chart that lists at least five goods and five services you encounter in your daily life. For each item, write a short description explaining why it is a good or a service. Be prepared to present your chart to the class. This project will help reinforce your understanding of the differences between goods and services.

• An action performed for someone
• A tangible item that can be owned
• A type of service
• A job someone does

Answer: A tangible item that can be owned

Goods are physical items that can be touched and owned.

• A book
• A haircut
• A toy
• A sandwich

Answer: A haircut

A haircut is an action performed for someone, making it a service.

• A car
• A restaurant meal
• A smartphone
• A pair of shoes

Answer: A restaurant meal

A restaurant meal is a service because it involves preparation and delivery of food.

Answer: A bicycle; it is a physical item that can be owned and used for transportation.

Goods are tangible items that can be owned, like a bicycle.

Answer: Goods are physical items, while services are actions performed for others.

This distinction is key to understanding the economy.

• Something you can buy and hold
• An activity done for someone else
• A product sold in a store
• An item you can eat

Answer: An activity done for someone else

Services are actions or tasks performed for others.

• Durable good
• Non-durable good
• Service
• Luxury good

Answer: Non-durable good

Food is a non-durable good because it is consumed quickly.