Goods and

services
What are need ?
Give me the examples of those needs
Health, electricity, security, education

Water, shelter, food, clothes, transport
Cell phone, money, luxury clothes,.

Mention anything that can satisfy those

needs above ?
Goods and services
All the things that satisfy needs and
wants of the consumers are known as
goods and services.
Goods are things that we can see,
feel, and touch. Take home with you,
you own it
Services are things that other
people do for you and you pay the for
it
 Types of Goods
Free goods Goods that are
freely available and not scarce.
These goods are usually provided
by nature. E.g. Air, soil, rain water
etc.

Economic goods are goods that

are produced by businesses and
have to be paid for. 2
 3 Categories of
economic goods
1. Consumer goods Those products that are directly
involved in satisfying consumers needs and wants.
Two classes of consumer goods
Durable consumer goods- last for a long period of time.
Non-durable consumer goods lasts for a short period of time or are
consumed quickly.

1. Capital goods are those goods that are

used to produce other goods and services,
e.g. machinery and delivery vehicles.
Semi-finished goods goods that are used to
manufacture other goods. E.g. fabrics/ cloths to make clothes, steel to make
gates; leather to make shoes, flour to make bread
Which one is goods or
services
 How do we get this goods and
services

Yes they are bought or purchased from

people who sell them
What makes this people to sell this goods
and services ?
To make profit
What do we call this people who make this
goods
 We call them producers
Producers
is the person, household, business or government who
make goods and services to satisfy peoples needs
and wants.
What about the people who buy this goods, what do
we call them?
Consumers

Are individuals, households companies and government

agencies that uses goods and services that have
been made by producers to satisfy needs and wants.
a. Primary sector sector of the economy that
produces raw materials. E.g. Fishing, Farming
b. Secondary sector sector of the economy that
uses raw materials to produce finished goods.
Production of jewellery and processed foods, butchery.
c. Tertiary sector sector of the economy that
produces services. E.g. Distribution of goods to retail
stores, provision of personal services like hairdressing
and medical services.