Economics VA HISTORY SOL: 1.7, 1.8, 1.9

Goods and Services  Good- something that you can consume or use, like a basketball or a computer  Service- something a person does for you, like serving your table in a restaurant or fixing your car

Goods or Services?

SERVICE

GOOD

Producers  Producer- someone who makes goods or provides a service for people to purchase.

Consumers  Consumer- someone who uses services or buys goods.  Consumers have to make choices about what goods they will buy or what services they will use.

Goods and Services  People work in order to make money  Money buys goods or services  People make choices to save or spend money, and what to spend money on

Think of your own good or service!  With your desk partner, use the Playdoh to make a good or to represent a service you would like to sell or provide.  The class will guess whether your Playdoh shape is a good or a service.

Resources  Natural Resources- something that is found in nature that people can use.  Some examples- air, coal, fossil fuels, water, plants, light  Natural resources help people live and improve their lives.

What are some natural resources found in our town?natural resources

- Underground springs - Trees - Minerals - Rivers

Renewable Resources  Renewable Resources- natural resources that cannot be used up in a long period of time.  Examples- soil, water, plants, air, animals

Nonrenewable Resources  Nonrenewable Resources- natural resources that cannot be replaced after they have been used up.  Examples- minerals, metals, fossil fuels (like coal or natural gas)

FREEZE!  Freeze and tell your desk partner:  one example of a nonrenewable resource  one example of a renewable resource!

If there are fewer natural resources available, people can sell them for more money. What would happen if there were a lot of natural resources?