Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called

Humans were created with certain needs. The need for food, clothing, shelter, entertainment and

Activity which results in the satisfaction of our needs is often referred to as

At first man produced everything for himself and his family. When he produced for self and family without outside help, for example making his own house, planting or hunting his own food he engaged in

A .................................................... .................................................... is therefore, persons providing just sufficient to survive but not to improve their way of life

................................................ is the exchange of goods or services without the use of money.

A disadvantage of Barter was that a person had to find someone else who wanted what he had to exchange and that person had to have what was needed, before exchange could take place. This is known as

Another disadvantage may be; If an individual failed to find a willing partner within a reasonable time one’s perishable goods could be destroyed

With all the difficulties affecting the Barter System a stable system of exchange had to be developed that would not be plagued with the problem of barter. ............................................ therefore solved the problem of Barter.

Identify a characteristic of money

Man is termed an ‘economic animal’ because he

Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called

Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called

Humans were created with certain needs. The need for food, clothing, shelter, entertainment and

One is NOT a function of money

Before Barter evolved, man’s wants were satisfied through

Direct satisfaction of wants entailed

Barter may be described as the

Ancient man satisfied his needs by

A system involving the exchange of goods depending on the ‘double coincidence of wants’ is known as

labour is best defined as the

in which of the following types of economic systems does the government make all decisions

a major function of the public sector is to

private enterprise is run mainly to