Barter/Money/Economic systems Flashcards
1
Q
Early economies are also called…
A
Traditional or Subsistence economies.
1
Q
What are the types of economic systems?
A
- Subsistence/Traditional economy
- Planned/Command economy
- Mixed economy
- free market/ Capitalist economy
2
Q
Define subsistence economies.
A
Economies that engage in direct production and producing enough to meet their basic needs for survival.
3
Q
Surplus production led to…
A
the development of the barter system.
4
Q
Give 4 characteristics of money.
A
- durable
- acceptable
- exchangeable
- divisible
- scarce
- portable
- homogenous
5
Q
A
