WorksheetsTrade and Economic Systems
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
What is the fundamental definition of trade?
a)
Forced exchange of goods
b)
Voluntary exchange of goods and services
c)
Government-mandated economic transfer
d)
Automatic resource distribution
2.
In early trade systems, what method did people use before money was invented?
a)
Credit cards
b)
Digital transactions
c)
Barter system
d)
Stock market trading
3.
What are primary products also known as?
a)
Manufactured goods
b)
Secondary products
c)
Raw materials
d)
Processed resources
4.
Why do people typically engage in trade?
a)
To create conflict
b)
To get goods they cannot produce themselves
c)
To increase government control
d)
To reduce economic opportunities
5.
What is an export?
a)
Goods a country buys from others
b)
Goods a country sells to other countries
c)
Goods stored in warehouses
d)
Goods traded within a country
6.
What percentage of South Africa's exports are primary products?
a)
50%
b)
60%
c)
75%
d)
90%
7.
What are manufactured goods also called?
a)
Primary products
b)
Raw materials
c)
Secondary products
d)
Commodity goods
8.
Which of these is NOT a way people can obtain goods?
a)
Produce it themselves
b)
Receive as a gift
c)
Inherit
d)
Steal
9.
What makes trade mutually beneficial?
a)
One party always loses
b)
Both parties gain something
c)
Government intervention
d)
Random chance
10.
When did people start using metal objects as money?
a)
Around 500 BC
b)
Around 1000 BC
c)
Around 1500 BC
d)
Around 2000 BC
11.
What is bilateral trade?
a)
Trade between three countries
b)
Trade between two parties
c)
Trade within a single country
d)
Global trade networks
12.
What transforms raw materials into usable items?
a)
Bartering
b)
Importing
c)
Manufacturing
d)
Exporting
13.
Which continent is mentioned as a major trading partner for South Africa?
a)
Asia
b)
North America
c)
Europe
d)
Antarctica
14.
What makes a skill valuable in trade?
a)
Its complexity
b)
How rare it is
c)
Its color
d)
Its weight
15.
What are commodities?
a)
Luxury items
b)
Raw materials bought and sold in markets
c)
Manufactured electronics
d)
Government-controlled resources
16.
What is a service?
a)
A physical product
b)
Work performed for someone in exchange for money
c)
A type of raw material
d)
A manufacturing process
17.
Why do some countries become manufacturing centers?
a)
High labor costs
b)
Lack of infrastructure
c)
Cheap labor
d)
Limited natural resources
18.
What are the factors of production?
a)
Money, time, energy
b)
Labor, capital, entrepreneurship, raw materials
c)
Goods, services, trade
d)
Import, export, manufacturing
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