Types of Economic Systems part 1

What is subsistence agriculture?

• A) A type of farming where crops are grown for sale

• B) A kind of farming where the family eats or uses all what they raise or grow

• C) A method of farming using advanced technology

• D) A farming practice focused on exporting goods.

Which of the following is a characteristic of commercial agriculture?

• It is a hobby

• Crops are grown on a small scale

• It is a business

• Only one animal is raised at a time.

What scale are crops grown on in commercial agriculture?

• Small scale

• Medium scale

• Large scale

• No scale

Which of the following is an example of a cottage industry?

• Automobile manufacturing

• Making and sewing fabrics

• Oil refining

• Steel production

What do consumers spend money on?

• Physical goods

• Non-physical goods

• Services

• All of the above.

What is an example of a service?

• Smartphone

• TV Repairs

• Pizza

• Ball

Which of the following is a physical good?

• Smartphone

• TV Repairs

• Tennis Coach

• Car Workshop

What economic principle is illustrated by the gold-plated phone in the image?

• Supply and demand

• Inflation

• Barter system

• Free trade

What does the image of the empty shelves suggest about market conditions?

• Surplus

• Shortage

• Equilibrium

• Stability

Why are limited edition products often more expensive, as suggested by the image?

• They are mass-produced

• They are scarce

• They are low quality

• They are easily available.