Page 117 - Key to Social Studies 3

Let’s Learn

Goods and Services

• The marketplace is where people buy and sell things. We

buy and sell either goods or services.

• A service is work that people need. The teacher provides

a service by educating students. The mechanic provides

a service by repairing cars.

• Goods are things you can see and touch. The chair

you sit in is a good. The board your teacher writes on

is a good, and the computer you use in your studies

is another good.

• Both goods and services need to be paid for.

Goods and services have di erent prices depending on

their value. Some are a ordable, while others are

expensive.

• In the past, there was no money. People used many

things to pay for goods and services. They used shells,

rocks, livestock, beads, gold, and many other things

instead of money. Nowadays, people use coins and

paper money to pay for what they buy.

115