FOCUS QUESTION FOR THIS SECTION
How are goods and services produced, consumed, and exchanged to satisfy needs and wants?
Section 3: Goods and Services
SECTION DESCRIPTION
In these lessons, students discover how goods and services are produced, consumed, and exchanged. They will do so by first defining goods and services. Following this basic understanding, students will diagram the flow of a good or service, from its inception to consumption, taking into account the impact of technology. Students ultimately connect this understanding by making decisions about goods and services from the points of view of the consumer and producer given various scarcity situations.
Note to instructor: Goods and Services Lesson Plan can precede or follow the Currency and the Federal Reserve Lesson Plan.
LESSON OBJECTIVES
Define goods as objects that satisfy individual wants and services as activities performed by people, firms, or government agencies to satisfy economic wants.
Give examples of goods and services.
Match services and productive resources to the appropriate producer.
Identify that money is used by people to buy and use goods and services.
LESSON OBJECTIVE
Explain that economic wants are desires that can be satisfied by consuming a good, service, or leisure activity.
Explain why all of a person’s wants cannot be satisfied.
Differentiate between bartering and using money as forms of exchange.
LESSON OBJECTIVES
Diagram the relationship among a final good or service, the way it’s produced, and who consumes and produces it.
Define intermediate goods as goods that are produced and used to make other goods and services
Compare market value of different goods and services
LESSON OBJECTIVES
Compare different ways resources are used to buy and consume goods and services.
Show examples of how technological advances have improved goods and services, as well as the ways goods are produced and services are provided.
LESSON OBJECTIVES
Explain that not all wants of goods and services can be satisfied because people’s wants exceed the quantity of goods and services that can be produced using all available resources
Prioritize consumption of resources when there is a scarcity of goods and services