TYPES OF PRODUCTION QUIZ

What is the primary goal of subsistence agriculture?

• To generate income through large-scale production

• To provide food for the farmer's family

• To supply urban markets with fresh produce

• To export crops to international markets

Which of the following is an example of subsistence farming?

• A family raising chickens for their own eggs

• A farmer selling crops at a local market

• A chef cooking in a restaurant

• A gardener working in a public park

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

• Large-scale electronics manufacturing

• Family-run pottery making

• International shipping company

• Corporate law firm

Match the following

• free market system

• an economic system in which people own their own goods and property

• demand

• how much of a good producers are willing to make and sell

• profit

• what remains after the cost of running the business are paid

• supply

• how much of a good consumers are willing to buy

James managing a grocery store restocking inventory is an example of

• supply

• profit

• scarcity

• demand

A real life example of economic demand

• Cost of movie tickets decreasing

• Launch of a new expensive fashion line

• Black Friday sales

• the price of yachts sky rockets and prices out many and their stores close

Organize these examples into the right categories

Groups:

(a) Traditional Economy

,

(b) Free Enterprise System

• 
• Barter system is commonly used for trade

• Prices are determined by supply and demand

• Custom and tradition determine what should be produced, how it should be produced and for whom

• people are free to take part in any business, buy any product, or sell any legal product.

• Government intervention in the economy is minimal

• Goods and services are produced for survival rather than profit

• 
• Strong emphasis on community and cooperation

• Little room for innovation and change

• Competition drives innovation and efficiency

Subsistence agriculture is

• Commercial farming for profit
• Urban agriculture in cities
• Industrial agriculture for mass production
• Self-sufficient farming system for personal consumption

An real life example of subsistence farming is

• Family growing vegetables in their backyard garden
• Hunting for sport
• Fishing in a commercial fishery
• Working in a corporate office

A real life example of cottage industry is

• Fast food chain restaurant
• Automobile manufacturing plant
• Handmade textiles or crafts production by a family-run business
• Online retail store