Let’s start with something important. Needs are things you must have to live, like food, water, air, and a place to live. But what about wants? Wants are things you would like to have, like toys, games, candy, and computers. They are not necessary for living, but they sure are fun!
Most things cost money. People earn money by working. Some people sell goods, and others do jobs called services to earn money.
Goods are things people make or grow to sell. For example, toys, computers, and food are all goods. Can you think of any other goods that people buy and sell? Maybe clothes or books?
Services are jobs people do to help others. For example, a doctor helps keep people healthy, a pilot flies airplanes, and a chef cooks yummy food. Can you think of any other services? How about a teacher or a firefighter?
Let’s play a little game. I’ll say something, and you decide if it’s a good or a service.
Are books goods or services? That’s right! Books are goods because they are things that are made and sold. But a librarian provides a service by helping you find the book you want.
Do construction workers provide goods or services? Yes, they provide services by building houses or fixing roads. But the tools they use are goods.
Is pizza a good or a service? Correct! Pizza is a good because it’s something you can eat. But if someone delivers it to your house, that’s a service.
You did an awesome job learning about goods and services! Keep exploring to learn more about how people buy and sell these things. Have fun discovering more about the world around you!
Goods and Services Scavenger Hunt: Go on a scavenger hunt around your home or classroom. Find three items that are goods and three examples of services. For example, a toy or a book can be a good, while a teacher or a janitor provides a service. Share your findings with a friend or family member and explain why each item is a good or a service.
Create a Needs and Wants Collage: Gather old magazines, newspapers, or use drawing materials to create a collage. On one side, paste or draw pictures of things you need to live, like food and water. On the other side, paste or draw things you want, like toys and games. Discuss with a classmate or family member why some things are needs and others are wants.
Role-Playing Game: With a friend or family member, take turns pretending to be different workers who provide goods or services. For example, one person can be a chef making a pizza (a good), and the other can be a delivery person bringing the pizza to a customer (a service). Talk about how each role is important in helping people get what they need and want.
**Goods and Services**
**Economics for Kids by Teaching Without Frills**
First, a quick review. Needs are things that you must have to live, like food, water, air, and shelter. What are wants? Wants are things you would like to have, like toys, games, candy, and computers.
So how do we get all of the things that we need and some of the things that we want? Most things cost money. Many people earn money by working. Some people sell goods, and others perform services to earn money.
What are goods? Goods are things people make or grow to sell, like toys, computers, and food. Can you think of any other goods that people buy and sell?
What are services? Services are jobs people do for others. For example, a doctor provides a service of keeping people healthy, a pilot flies a plane, and a chef cooks food. Can you think of any other services?
Now let’s see if you can tell the difference between goods and services. Books. Hmm, are books goods or services? That’s right. Books are goods because they’re things that are made and sold. But a librarian provides a service. Librarians might help you find the book that you’re looking for.
How about a construction worker? Do construction workers provide goods or services? Yep, they provide services. They might build houses or work on roads. But the tools that they use are goods.
What about pizza? Hmm, is pizza a good or a service? Right, pizza is a good. But if someone delivers it to your house, you’re paying for a service.
Great work! Check out the other videos in this series to learn more about the people who buy and sell goods and services. And if you’re a teacher, you can find Teaching Without Frills on Instagram, Facebook, Pinterest, and TPT. Thanks for watching!
