Passage Two
There are various ways in which individual economic units can interact with one another. Three basic ways may be described as the market system, the administrated system, and the traditional system.
In a market system individual economic units are free to interact each other in the marketplace. It is possible to buy commodities from other economic units or sell commodities to them. In a market, transactions may take place via barter or money exchange. In a barter economy, real goods such as automobiles shoes, and pizzas are traded against each other. Obviously, finding somebody who wants to trade my old car in exchange for a sailboat may not always be an easy task. Hence, the introduction of money as a medium of exchange eases transactions considerably. In the modern m
A. rapid speed of transactions
B. misunderstandings
C. inflation
D. difficulties for the traders
Passage Two
There are various ways in which individual economic units can interact with one another. Three basic ways may be described as the market system, the administrated system, and the traditional system.
In a market system individual economic units are free to interact each other in the marketplace. It is possible to buy commodities from other economic units or sell commodities to them. In a market, transactions may take place via barter or money exchange. In a barter economy, real goods such as automobiles shoes, and pizzas are traded against each other. Obviously, finding somebody who wants to trade my old car in exchange for a sailboat may not always be an easy task. Hence, the introduction of money as a medium of exchange eases transactions considerably. In the modern market economy, goods and services are bought or sold for money.
An alternative to the market system is administrative control by some agency over all transactions. This age
A. To outline contrasting types of economic system.
B. To explain the science of economics.
C. To argue for the superiority of one economic system.
D. To compare barter and money-exchange markets.
Passage Two
Direct adverting includes all forms of sales appeals, mailed, delivered, or exhibited directly to the prospective buyer of an advertised product or service, without use of any indirect medium, such as newspapers or television. Direct advertising logically may be divided into three broad classifications, namely, direct-mail advertising, mail order advertising, and unmailed direct advertising.
All forms of sales appeals that are sent through the mails are considered direct-mail advertising. The chief functions of direct-mail advertising are to familiarize prospective buyers with a product, its name, its maker, and its merits and with the product’s local distributors. The direct-mail appeal is designed also to support the sales activities of retailers by encouraging the continued patronage of both old and new customers.
When no personal selling is involved, other methods are needed to persuade people to send in orders by mall. In addi
A. would be
B. prosperous
C. rich
D. old
Passage Two
American has long been considered the land of opportunity by those from other countries. Americans, too, believe that the United States provides almost limifiess opportunity for those who want to open businesses on their own.
Today, Americans are still fond of trying their hand at becoming small business people, even though only one out of two survives the first two years. Many of these people start their businesses for the wrong reasons: to get away from the paper work of their present jobs or to exchange the responsibility of their present jobs for freer life styles. But more, not less, paper work and responsibility come with ownership of a small business. John Shuttleworth, owner of the recently successful life-ecology news magazine Mother Earth, reports having had to work sixty hours straight in order to bring out the first issue.
John Shuttleworth waited years after conceiving the idea for Mother Earth before he attempted to put out
A. their own businesses will provide large income but less responsibility
B. their own businesses will not relieve them from paper work and responsibility
C. their own businesses will require longer working hours but less paper work
D. their own businesses could easily fail
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