Grade 5 · Social Studies · Lesson 18

Goods, services and trade

Every day you use things that other people made and pay other people to do jobs you cannot do yourself. Those two simple ideas — GOODS and SERVICES — are the heart of any economy. Once you can spot which is which, you can also spot the people who PRODUCE them, the people who CONSUME them, and the TRADE that moves them around. That is the whole engine of a market in three short words.

What this lesson teaches

1Define goods and services in your own words
2Sort everyday items into goods or services
3Identify producers and consumers in a trade
4Describe a simple trade exchange using money or barter

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