Identify different local businesses and classify each as producing a good, providing a service, or both.
A good is something you can hold or use, like bread, shoes, or a book. A service is something someone DOES for you, like cutting your hair, fixing a car, or teaching a class. Every community has businesses that provide goods, services, or sometimes both at once.
A bakery mostly sells a good (bread), while a hair salon mostly sells a service (a haircut). A restaurant does a bit of both: it sells food (a good) and the service of cooking and serving it to you.
Mastery looks like: They can classify several real local businesses as providing goods, services, or both, and explain the difference.
Common stumbles: Confusing a good with a service, especially for businesses, like a restaurant, that provide both.