WorksheetsTrade
Total questions: 29
Worksheet time: 13mins
When early civilizations were considered hunters and gatherers they practiced indirect production.
True
False
(a) production is when you get to trade with others for the needs and wants you may have.
The first form of trade was called
purchasing
exchanging
bartering
swapping
An advantage of bartering was
you could get everything you needed
you could now get items you could not before by now trading
you had large quantities of products extra
A major disadvantage of bartering is that
You could trade goods for other goods you did not have
you may not like what you got
the items traded were not always equal in value
Sometimes you had to take more than what you actually wanted
The disadvantage of bartering called divisibility of goods meant that
you could not share your goods with more than one person
you would have to divide your goods to make sure you still had some for your family
before leaving your home you would have to cut your animals so you could carry them
some items were hard to divide when bartering
Many goods which had been exchanged could not be saved for use at a future date because many such items could not be stored for a long period of time. This explains which of the following disadvantages
safety of wealth
storage problems
storage of wealth
warehousing
Easily transferred from 1 person to another, to make the exchange of money for products easier.
Durability
Portability
Divisibility
Scarcity
Money has what if it can be broken down into smaller units so it can be used as needed?
Divisibility
Portability
Scarcity
Durability
What is money if it is available but only in a limited supply?
Portable
Durable
Divisible
Scarce
Money or other substance generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
1 of the 3 functions of money that allows it to serve as a common denominator to measure value.
Measure of value
Store of value
Divisibility
Medium of exchange
What is this?
Paper money
Bartering
Credit Card
Coins
What is this?
bartering
coins
cryptocurrency
debit card
What is this?
Debit and credit cards
Paper money
Coins
none of the above
Division of Labour can be defined as ....................
the breaking down of work into smaller units
a condition in which one has to work to earn a living
Which of these vocation requires Division of Labour?
Teaching
Building of a house
What is Specialization?
Becoming an expert in a particular craft or skill
Production of more goods and services in a shorter time
In Division of Labour,each worker handles a specific task
True
False
Which of these is an advantage of Division of Labour?
It quickens the speed of work
It wastes time and energy
Division of Labour leads to loss of jobs because .................
it uses less energy in production
machines do the work people would normally do
