Business Part 1

What is a barter system?

• A barter system is a type of banking system

• A barter system involves using credit cards for transactions

• A barter system is a form of cryptocurrency

• A barter system is a method of exchange where goods or services are directly exchanged for other goods or services without using money.

Name one disadvantage of the barter system.

• Limited divisibility of goods

• Difficulty in storing value

• Inefficient allocation of resources

• Lack of double coincidence of wants

What are electronic payment methods?

• Cash only

• Bartering system

• Carrier pigeons

• Electronic payment methods include credit cards, mobile wallets, online banking, and cryptocurrencies.

Give an example of an electronic transfer service.

• Cash Payment

• card payment

• PayPal

• cheque

What is the public sector in an economy?

• Private-owned businesses

• Government-controlled and operated part of the economy.

• Non-profit organizations

• International trade agreements

Provide one example of a public sector organization.

• Digicel

• Republic Bank

• WASA

• Movie Towne

Define the private sector in an economy.

• Publicly owned businesses controlled by the government

• Non-profit organizations funded by the government

• Businesses and organizations not controlled by the government.

• State-owned enterprises managed by private individuals

Name a type of business that belongs to the private sector.

• Government agency

• Public library

• Non-profit organization

• Retail store

What are instruments of exchange?

• Money, checks, credit cards, and digital payment methods

• Gold, silver, platinum coins

• Debit cards, gift cards, traveler's checks

• Barter system, cryptocurrencies, loyalty points

Give an example of an instrument of exchange.

• Bonds

• Money

• Barter system

• Stocks