PSD: Managing Own Money Challenge 11. What are Goods? Goods are ‘items’ or ‘objects’ that you buy. Once you have paid your money you will have/own something.

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Presentation transcript:

PSD: Managing Own Money Challenge 11

What are Goods? Goods are ‘items’ or ‘objects’ that you buy. Once you have paid your money you will have/own something physical. Here are some goods that you might buy during your lifetime …(some are purchased more regular than other items, some are small, some are large, some are cheap, some are expensive... – How would you pay for them?)

Examples of Goods… How might you pay for these? (Cash? Cheque? Credit or debit card? Loan for bigger items?)

Can you think of any others…? Sticker books Pictures Magazines Sandwiches Drinks Sports equipment…

What are Services? Services can be jobs that you pay to be done or for borrowing/hiring goods which you don’t actually own. Someone or something (e.g. a company) provides a service, undertakes a job for you or lends you equipment and you pay them for this. Here are some services that you might pay for during your lifetime…

Examples of Services How might you pay for these? (Cash? Cheque? By standing order or direct debit?)

Can you think of any others…? Wages for people who work for you… Hiring DIY equipment Dry Cleaners Car Insurance or House Insurance Solicitors Architects Graphic Designers…

Be careful… Sometimes you pay for BOTH things at the same time… E.g. Key cutting – you are paying for the key (goods) and the cutting of it to shape (services) E.g. Photocopiers – you are paying for the paper/ink (goods) and the use of the photocopier (services)

This powerpoint has given you some ideas of ‘goods’ you might buy BUT there are thousands more – any ‘object’ that you pay for. This powerpoint has given you some ideas of ‘services’ you might pay for BUT there are hundreds more – anything where you are paying people for their help and/or time or to borrow equipment etc. rather than for an object.

Challenge 11 You should now be able to complete the Challenge 11 document called: PSD-MOM-L2-C11.doc. As well as listing goods and services you will need to indicate how you would pay for these (and the advantages/disadvantages of these methods payment) so please remember to refer back to the help sheet you were ed at the beginning of this Managing Own Money module, entitled, ‘PSD-MOM-EssentialNotes.doc’