_______________ refers to the system of exchange goods and services are exchanged directly for other goods and services.
Barter system
Money
Currency
None of these
A ___________ is known as planned economy.
Free market economy
Mixed economy
Command economy
Money has __________ necessary functions.
Two
Three
Four
Five
_____________ allows more goods and services to be produced.
Industrialisation
Production
Specialisation
_____________ help land and labour produce more units of output.
Capital goods
Producer goods
Consumer goods
The basic economic problem exists, societies need to confront __________ interrelated questions.
Traditionally, economists have recognised ____________ types of economic system.
The creation of capital goods in the process of production is known as ___________.
Value
Investment
All economies face the economic problem of _____________.
Unlimited resources and limited wants.
Limited resources and limited wants.
Unlimited resources and unlimited wants.
Limited resources and unlimited wants.
Resources are combined in the process of __________ to create goods and services.
Consumption
Capital
