Trade and Barter

Front

What is the difference between trade and barter?

Back

Trade involves the exchange of goods and services using money, while barter involves the direct exchange of goods and services without using money.

Front

Government redistributing income for example welfare programs and social security are examples of

Back

Transfer payments from the government

Front

In the Circular Flow Model, who is primarily responsible for the provision of public goods and services through the use of taxes?

Back

Government

Front

Which of the following is an example of government's role in income redistribution? Government providing subsidies to farmers, Government imposing tariffs on imported goods, Government enforcing strict business regulations, Government implementing welfare programs

Back

Government implementing welfare programs

Front

Sanger High School, the local police department, and the Sanger Library would be considered

Back

In the public sector of the Circular Flow Model

Front

What are the advantages and disadvantages of barter system?

Back

Advantages include flexibility and no need for currency, while disadvantages include the lack of a standard measure of value and the difficulty of finding a suitable trading partner.

Front

Discuss the role of currency (money) in modern trade.

Back

Currency facilitates the exchange of goods and services in international trade.

Front

If you are paid income from your employer, which part of the Circular Flow Model would this be considered?

Back

Factor Payments

Front

According to the Circular Flow Model, taxes are utilized to provide

Back

Public Goods and Services for individuals and businesses

Front

The local hospital, the city fire department, and the public school would be considered

Back

Part of the public sector in the Circular Flow Model