3
Lesson 3 of 84 · Economics
Supply and Demand
Goods are physical products like bicycles and sandwiches. Services are actions done for others: haircuts, medical care, teaching. Both have value in the economy.
Key Facts
1
Supply and demand affect prices.
2
Trade connects people globally.
3
Every choice has an opportunity cost.
Check Your Understanding
Question 1
1 of 2What are goods?