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WorksheetsIntroduction of Principles of Business II
Total questions: 10
Worksheet time: 6mins
Which term best describes an economy?
The process of buying and selling between people
A place where economics take place
An organized system where resources are allocated for production, distribution and consumption
A system where people moved from place to place according to the conditions that suited them best
Which of the following is NOT a type of economic system?
Subsistence economy
Traditional economy
Command economy
Pluralistic economy
Where people make their own products needed to survive.
Traditional economy
Command economy
Planned economy
Market economy
Identify all the features of a subsistence economy:
Strong sense of tradition and community
In balance with natural environment
Many choices for individuals
Use simple tools
In this type of production there is surplus that can be traded:
Direct production
Indirect production
Import production
Simple production
Mikel grows cassava and fresh seasoning for his personal use:
Direct production
Indirect production
Import production
Simple production
Dimitri grows Corn and Pigeon Peas for his family use but also sells excess to the local supermarket
Direct production
Indirect production
Import production
Simple production
