WorksheetsUNIT 2: BARTER TRADE
Total questions: 20
Worksheet time: 10mins
In the context of barter trade, what is the condition called when an amount or quantity of goods exceeds that of what is used or needed?
Deficit
Equilibrium
Surplus
Shortage
Why did early humans engage in barter trade?
Because money was readily available
To exchange goods for services
To satisfy their needs and wants
Due to the lack of surplus goods
What is the term used to describe the system of trade where individuals exchange the surplus of one type of goods for another without involving money?
Monetary exchange
Barter trade
Mercantilism
Capitalistic trade
If a farmer wants clothes for his family and is willing to trade an extra chicken for them, what does this represent in the barter trade system?
Demand
Deficit
Surplus
Supply
What challenge might individuals face when attempting to find a suitable trading partner in barter trade?
Lack of available goods
Difficulty in determining exchange rates.
Difficulty in finding coincidence of wants.
Overabundance of surplus goods
In barter trade, what could contribute to disagreements on the exchange value of goods?
Lack of communication between traders
Inconsistency in the quality of goods
High demand for certain goods
Standardized valuation of all items
Before something can be considered as good money material, it should have the following qualities:
Easily forged
Rarely accepted.
Readily accepted.
Seasonally trade
Which characteristic is essential for the durability of good money material?
It should be easily divisible into smaller units without losing value.
It should have a long lifespan without deteriorating easily.
It should be resistant to physical damage.
It should be easily renewable.
What is a crucial aspect of good money related to durability?
Easily decay
Lasting for a short time
Able to withstand wear and tear.
Prone to rust and rot
What characteristic is desirable for the stability of good money?
Frequently changing value
Unpredictable value fluctuations
Value that changes often
Value that does not change often
What is essential for good money in terms of uniformity?
Varying appearance for the same denomination
Inconsistent quality
Consistent appearance for the same denomination
Changing appearance over time
When choosing a product, money is useful because it is a ___________
measure of value
medium of exchange
storehouse of value
standard of future payment
It should be able to last for a long time and will not rust or not easily.
Durable
Very stable
Very portable
Homogeneous
(-8)+2x3=
3
-2
-3
2
It should be easy to carry around.
Durable
Very portable
Very stable
Homogeneous
80x10-60=
740
660
640
840
Its value should not change often.
Very stable
Very portable
Easily recognized
durable
6x2+20=
32
33
42
43
What is a major challenge of barter trade?
Easy transportation of goods
Difficulty in finding mutual needs (coincidence of wants)
Universal acceptability of all goods
Fixed value of goods
A persons who buys goods for his or her own use is called a ____________
Retailer
Consumer
Wholesaler
Agent
