Economics Study Guide SOL 1.7, 1.8, 1.9 VOCABULARY: QuickTi me™ and a TIFF ( Uncompressed) decompressor are needed to see thi s pi ctur e. goods: touchable items that people make or buy to satisfy needs and wants services: activities that satisfy people’s needs and wants QuickT ime ™an d a TIFF ( Uncomp res sed) deco mpre ssor ar e need ed to see this pictur e. buyer: a person who uses money to purchase a good or service seller: a person who decides how much money to charge for a good or service money: a medium of exchange savings: money put away now to save or spend later needs: things you HAVE to have in order to survive wants: things you would LIKE to have but DO NOT need in order to survive Examples of goods: clothes, food, house, car, shoes, plants, toys, etc. Examples of people who provide services: doctor, teacher, principal, nurse, hairdresser, dentist, fire fighter, police officer, etc. **A buyer uses money to purchase goods and services. **A seller receives money for goods they sell or services they provide. **People cannot have all of the goods and services they want. They must make CHOICES to have some things and give up others. **People can choose to spend or save money. People save money to buy goods and services in the future. For example, we might save money to pay for a college education in the future.