Barter System

Question 1

disadvantages of barter

Answer 1

A double coincidence of wants
An exchange rate
Divisibility of goods
Storage of wealth

Question 2

For something to be considered money it needs to be; (characteristic of money)

Answer 2

Durable
Portable
Exchangeable
Divisible
Scarce
Homogenous

Question 3

What is Command economy(controlled economy)

Answer 3

A command economy is where all the economics decisions are made by the government

Question 4

Free market economic (capitalist

Answer 4

The government have little Inteference in the economy.
It is privately owned

Question 5

Public sector

Answer 5

Run by the government

Question 6

Mixed economy (dual economy)

Answer 6

The means of production and supply are shared between the private and the public sector

Question 7

Direct production?

Answer 7

direct production is where early people would meet their needs themselves without the aid of others or the facility of money.

Question 8

Subsistence economy

Answer 8

providing just enough to survive but not to improve their way of life

Question 9

hunter-gatherer

Answer 9

they would gather plants, animals, and berries

Question 10

advantages of barter

Answer 10

it made it possible for people to exchange their surplus and obtain a wider range of things they needed

it increases their productivity

it allows them to specialize in producing the things they could do best.

Question 11

Functions of money

Answer 11

medium of exchange: it makes trading easier and barter unnecessary

measure of value: it can be used to state prices of goods
a store of value:
A standard for postponed payment