Goods and Services


Goods and Services describes these essential parts to the success of the economy. Students will discover what types of things are considered goods versus services. They will learn that they, themselves, use goods and services or even provide them every day.

There are several suggestions listed in the “Options for Lesson” section that you can add to or alter in your lesson. You could increase or decrease the number of goods or services students have to sell during the activity, for instance. Another option is to have students use real local businesses for the activity chart. You could also invite a business owner to the class to talk about the goods or services that they provide their customers.

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What our Goods and Services lesson plan includes

Lesson Objectives and Overview: Goods and Services teaches students about these specific aspects as they relate to economics. Students will be able to define both terms and explain the differences between the two. They will be able to identify both and tell how they relate to the economy.

The lesson contains three pages of content that describe goods and services. It starts out by defining each term and discussing how they relate to the economy. Students will then look at two lists that describe how the two differ from one another. For instance, goods are typically tangible while services are not.

Finally, they will practice figuring out whether something is a good or a service using six examples. You can walk through these examples and explain the answer if any of the students struggle to understand.


Students will work with a partner on the activity. (You may choose to have them work alone or in groups.) They will work together to create their own company. They will discuss the things that interest them and come up with five goods and services that relate to their interests. Once they decide on what their business will be, they will answer five questions about it. On the second page, they will fill out the charts that list the five goods and five services they will sell and provide. They must also list a reason for each one.


For the practice worksheet, students must read through 20 different statements. They will have to determine whether the statement represents a good (G) or a service (S).


The homework assignment divides into two sections. The first section contains 10 sentences. There are 10 words in a word bank at the top of the page. Students will fill in the blank in each sentence with the correct term. For the second section, students will read a paragraph and answer two questions that relate to what they read.

Additional information


2nd Grade, 3rd Grade


Social Studies

State Educational Standards

NCSS.D2.ECO.3.K-2, NCSS.D2.ECO.4.K-2, NCSS.ECO.5.K-2

Lessons are aligned to meet the education objectives and goals of most states. For more information on your state objectives, contact your local Board of Education or Department of Education in your state.