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of tasks rather than producing a wide variety of goods or services."},{"text":"Specialisation is producing every stage of a good independently.","correct":false,"explanation":"This describes self-sufficiency rather than specialisation. Specialisation means concentrating on a narrow range of tasks, often relying on others for different goods or services."},{"text":"Specialisation is sharing identical tasks equally among all workers.","correct":false,"explanation":"Equal sharing does not define specialisation. The correct idea is concentration on a narrow range of tasks, allowing workers or firms to focus and become more efficient."},{"text":"Specialisation is exchanging goods without using money.","correct":false,"explanation":"Exchanging goods without money describes barter. Specialisation is concentrating on a narrow range of tasks, which may then make exchange necessary."}]},{"id":"60bf6d0c-63be-4970-91f8-5af9206893af","cardType":"basic","points":1,"front":"What is the division of labour?","back":"The division of labour breaks production into separate tasks, each done by a different worker.","mcqOptions":[{"text":"The division of labour breaks production into separate tasks, each done by a different worker.","correct":true,"explanation":"The division of labour splits production into separate stages, with different workers responsible for different tasks rather than each worker making the whole product."},{"text":"The division of labour gives every worker responsibility for making the whole product.","correct":false,"explanation":"Giving each worker the whole production process is the opposite of division of labour. The correct definition separates production into tasks completed by different workers."},{"text":"The division of labour moves all production to one highly skilled worker.","correct":false,"explanation":"Using one worker for all production removes the division of tasks. The correct process breaks production into separate tasks, each completed by a different worker."},{"text":"The division of labour divides profits equally between all businesses.","correct":false,"explanation":"Profit sharing concerns how income is distributed, not how production is organised. Division of labour separates production into tasks carried out by different workers."}]},{"id":"84776e52-e8a8-4a0d-bf57-e1e4732f5eb1","cardType":"basic","points":1,"front":"What is productivity?","back":"Productivity is output per worker in a given period.","mcqOptions":[{"text":"Productivity is output per worker in a given period.","correct":true,"explanation":"Productivity measures how much output is produced per unit of input. For labour productivity, the relevant measure is output per worker during a given period."},{"text":"Productivity is the total output produced by all workers in a given period.","correct":false,"explanation":"This is total output, not productivity. Productivity divides output by an input such as the number of workers, measuring output per worker in a given period."},{"text":"Productivity is the number of workers needed to produce one unit of output.","correct":false,"explanation":"This measures labour required per unit rather than output per worker. Productivity is calculated by relating output to the number of workers over a given period."},{"text":"Productivity is the total number of hours worked by employees in a given period.","correct":false,"explanation":"Hours worked are an input, not productivity itself. Productivity measures output per worker, showing how effectively labour inputs generate output during a given period."}]},{"id":"fd6bef71-21ce-4fac-984d-14f736d3ef05","cardType":"basic","points":1,"front":"Whose pin factory example illustrated the division of labour?","back":"Adam Smith's pin factory example illustrated the productivity gains from the division of labour.","mcqOptions":[{"text":"Adam Smith's pin factory example illustrated the productivity gains from the division of labour.","correct":true,"explanation":"Adam Smith used a pin factory example to show that splitting production into specialised tasks could greatly increase output and labour productivity."},{"text":"David Ricardo's pin factory example illustrated the productivity gains from the division of labour.","correct":false,"explanation":"Ricardo is associated with comparative advantage and international trade. The pin factory example illustrating division of labour and productivity gains was given by Adam Smith."},{"text":"John Maynard Keynes's pin factory example illustrated the productivity gains from the division of labour.","correct":false,"explanation":"Keynes is associated with macroeconomic theory and aggregate demand. Adam Smith, not Keynes, used the pin factory example to explain productivity gains from division of labour."},{"text":"Alfred Marshall's pin factory example illustrated the productivity gains from the division of labour.","correct":false,"explanation":"Marshall contributed to neoclassical economics and supply and demand analysis. The classic pin factory example of division of labour is attributed to Adam Smith."}]},{"id":"eac46e07-6fda-49eb-8995-b7ada7418654","cardType":"basic","points":1,"front":"What is the formula for labour productivity?","back":"$$$\\text{Labour productivity} = \\dfrac{\\text{Total output}}{\\text{Number of workers}}$$","mcqOptions":[{"text":"$$$\\text{Labour productivity} = \\dfrac{\\text{Total output}}{\\text{Number of workers}}$$","correct":true,"explanation":"Labour productivity is calculated by dividing total output by the number of workers. This gives the average output produced by each worker."},{"text":"$$$\\text{Labour productivity} = \\dfrac{\\text{Number of workers}}{\\text{Total output}}$$","correct":false,"explanation":"This reverses the fraction and calculates workers per unit of output. Labour productivity requires total output divided by the number of workers."},{"text":"$$$\\text{Labour productivity} = \\text{Total output} \\times \\text{Number of workers}$$","correct":false,"explanation":"Multiplying output by workers does not give output per worker and increases the result as both figures rise. The correct formula divides total output by workers."},{"text":"$$$\\text{Labour productivity} = \\text{Total output} - \\text{Number of workers}$$","correct":false,"explanation":"Subtracting workers from output has no meaningful productivity interpretation. Labour productivity measures average output per worker, so total output must be divided by the number of workers."}]},{"id":"020071bb-c871-4604-98cf-03c8d8f2eaa0","cardType":"basic","points":2,"front":"Why does the division of labour raise productivity through skill and practice?","back":"Repeated tasks build skill and practice, making workers faster and better.","mcqOptions":[{"text":"Repeated tasks build skill and practice, making workers faster and better.","correct":true,"explanation":"Repeating a specialised task allows workers to gain experience, improve their technique and work more quickly and accurately, raising productivity."},{"text":"Repeated tasks build competition and pressure, making workers faster and better.","correct":false,"explanation":"Competition may affect effort, but it is not the main skill-based explanation. Repeated tasks build skill and practice, improving workers' speed and performance."},{"text":"Repeated tasks build specialist equipment, making workers faster and better.","correct":false,"explanation":"Equipment does not develop through repetition. The relevant benefit is that workers build skill and practice by repeatedly performing the same specialised task."},{"text":"Repeated tasks build higher wages, making workers faster and better.","correct":false,"explanation":"Higher wages are a possible incentive but are not automatically created by repetition. Skill and practice improve speed and quality when workers repeat specialised tasks."}]},{"id":"58e48544-2b30-41de-8a13-ecad05c99eb3","cardType":"basic","points":2,"front":"Why does the division of labour reduce wasted time?","back":"Workers avoid the time cost of switching between different jobs.","mcqOptions":[{"text":"Workers avoid the time cost of switching between different jobs.","correct":true,"explanation":"Specialisation means workers repeat one task instead of moving between several jobs. Avoiding these changes reduces time lost setting up, relocating or adjusting between tasks."},{"text":"Workers avoid the financial cost of training for different jobs.","correct":false,"explanation":"Specialisation may reduce the need for broad training, but the specific wasted-time benefit comes from avoiding the time cost of switching between different jobs."},{"text":"Workers avoid the output cost of producing different goods.","correct":false,"explanation":"The issue is not the output cost of different goods. Division of labour reduces wasted time because workers do not repeatedly switch between different tasks."},{"text":"Workers avoid the transport cost of selling different products.","correct":false,"explanation":"Transport costs relate to distributing products, not changing tasks during production. Specialisation saves time by avoiding switches between different jobs."}]},{"id":"4aa2a899-7086-41d5-b0e7-5f029102bea6","cardType":"basic","points":2,"front":"Why is machinery easier to use with specialised tasks?","back":"Narrow, repeated tasks are easier to mechanise, which can raise output further.","mcqOptions":[{"text":"Narrow, repeated tasks are easier to mechanise, which can raise output further.","correct":true,"explanation":"Machines are easier to design and apply when a task is narrow and repeated. Mechanisation can then perform that task consistently and increase output."},{"text":"Narrow, repeated tasks are easier to advertise, which can raise output further.","correct":false,"explanation":"Advertising may increase demand but does not explain why specialised machinery is easier to use. Narrow, repeated tasks are easier to mechanise."},{"text":"Narrow, repeated tasks are easier to finance, which can raise output further.","correct":false,"explanation":"Finance provides funds but does not make machinery suitable for a task. Repetition and narrow task design make production easier to mechanise."},{"text":"Narrow, repeated tasks are easier to export, which can raise output further.","correct":false,"explanation":"Exporting concerns selling products abroad, not operating machinery. The productivity benefit arises because narrow, repeated tasks are easier to mechanise."}]},{"id":"8825e293-0c98-475e-8b02-eb8caa95803b","cardType":"basic","points":3,"front":"Give two drawbacks of specialisation for workers.","back":"

Boredom may lower motivation and quality.
Workers may face structural unemployment.

","mcqOptions":[{"text":"

Boredom may lower motivation and quality.
Workers may face structural unemployment.

","correct":true,"explanation":"Repetitive specialised work can cause boredom, reducing motivation and quality. Workers may also become narrowly skilled, making them vulnerable to structural unemployment when demand or technology changes."},{"text":"

Higher wages may lower motivation and quality.
Workers may face frictional unemployment.

","correct":false,"explanation":"Higher wages do not normally lower motivation, and frictional unemployment results from people moving between jobs. The relevant drawbacks are boredom and structural unemployment."},{"text":"

Greater variety may lower motivation and quality.
Workers may face cyclical unemployment.

","correct":false,"explanation":"Specialisation usually reduces variety, causing boredom. The unemployment risk is structural, caused by a mismatch between workers' narrow skills and changing labour demand."},{"text":"

Shorter hours may lower motivation and quality.
Workers may face voluntary unemployment.

","correct":false,"explanation":"Shorter hours are not an inherent drawback of specialisation, and voluntary unemployment is a choice not to work. The key risks are boredom and structural unemployment."}]},{"id":"fc9ef6eb-539d-4a45-aa8e-982a7996537d","cardType":"basic","points":2,"front":"Why can specialisation make firms vulnerable?","back":"Firms become vulnerable if a specialised worker or supplier fails.","mcqOptions":[{"text":"Firms become vulnerable if a specialised worker or supplier fails.","correct":true,"explanation":"Heavy reliance on one specialised worker or supplier creates a bottleneck. If that person or supplier fails, the firm may be unable to continue the affected production stage."},{"text":"Firms become vulnerable if a general worker or customer succeeds.","correct":false,"explanation":"A successful customer or general worker does not create the specific dependency risk. Vulnerability arises when production relies heavily on a specialised worker or supplier."},{"text":"Firms become vulnerable if a specialised worker or supplier expands.","correct":false,"explanation":"Expansion is not necessarily disruptive. The risk occurs when a specialised worker or supplier fails and the firm lacks an easy replacement or alternative source."},{"text":"Firms become vulnerable if a general worker or supplier fails.","correct":false,"explanation":"Failure by a general worker may be easier to cover with replacement labour. Specialisation creates vulnerability particularly when a specialised worker or supplier fails."}]},{"id":"acc32e31-cd1f-470c-bb71-5770716dc003","cardType":"basic","points":2,"front":"Why does specialisation force exchange?","back":"Specialised producers must exchange because they cannot meet all their own needs.","mcqOptions":[{"text":"Specialised producers must exchange because they cannot meet all their own needs.","correct":true,"explanation":"Focusing on a narrow range of production means individuals or firms do not make everything they require. They therefore need exchange to obtain other goods and services."},{"text":"Specialised producers must save because they cannot meet all their own needs.","correct":false,"explanation":"Saving postpones consumption but does not obtain missing goods and services. Specialised producers need to exchange their output for products they do not produce themselves."},{"text":"Specialised producers must advertise because they cannot meet all their own needs.","correct":false,"explanation":"Advertising may help sell output, but it is not the fundamental requirement created by specialisation. Producers must exchange to obtain goods outside their narrow production range."},{"text":"Specialised producers must borrow because they cannot meet all their own needs.","correct":false,"explanation":"Borrowing provides finance rather than the different goods needed for consumption or production. Specialised producers rely on exchange to obtain what they do not produce."}]},{"id":"92aacc66-c131-4ba4-bb69-0a20dfb6ad87","cardType":"basic","points":2,"front":"Why can specialisation for trade raise total output?","back":"Trade raises total output when each party concentrates on what it does relatively well.","mcqOptions":[{"text":"Trade raises total output when each party concentrates on what it does relatively well.","correct":true,"explanation":"When each party specialises in activities with a relative efficiency advantage, resources are allocated more effectively and combined output can increase compared with self-sufficiency."},{"text":"Trade raises total output when each party concentrates on what it does equally well.","correct":false,"explanation":"Equal ability gives little basis for beneficial specialisation. Trade can raise total output when parties focus on what they do relatively well compared with alternatives."},{"text":"Trade raises total output when each party concentrates on what it does most expensively.","correct":false,"explanation":"Producing the most expensive goods does not necessarily use resources efficiently. Specialisation raises total output when each party focuses on what it does relatively well."},{"text":"Trade raises total output when each party concentrates on what it does least often.","correct":false,"explanation":"Frequency of production does not determine comparative efficiency. Total output may rise when each party specialises in activities it does relatively well."}]},{"id":"2875d018-17e9-4540-af02-e97cc6246b71","cardType":"basic","points":2,"front":"Why does money replace barter when specialisation increases?","back":"Specialisation makes a common medium of exchange necessary because barter is slow and costly.","mcqOptions":[{"text":"Specialisation makes a common medium of exchange necessary because barter is slow and costly.","correct":true,"explanation":"Specialisation increases the number of exchanges needed. A common medium of exchange, such as money, avoids the difficulty of finding someone with matching wants under barter."},{"text":"Specialisation makes a common unit of production necessary because barter is slow and costly.","correct":false,"explanation":"A unit of production is not what solves barter's exchange problem. Money acts as a common medium of exchange, allowing specialised producers to trade more easily."},{"text":"Specialisation makes a common system of taxation necessary because barter is slow and costly.","correct":false,"explanation":"Taxation is a government revenue system and does not replace barter. The necessary institution is a common medium of exchange, normally money."},{"text":"Specialisation makes a common method of transport necessary because barter is slow and costly.","correct":false,"explanation":"Transport can support trade but does not solve the matching problem in barter. A common medium of exchange makes transactions easier between specialised producers."}]},{"id":"d5473264-be36-4223-82c6-7d74f520d22b","cardType":"basic","points":3,"front":"Give two risks of over-dependence on trade.","back":"

Transport and transaction costs may be high.
Countries may lose self-sufficiency in essentials.

","mcqOptions":[{"text":"

Transport and transaction costs may be high.
Countries may lose self-sufficiency in essentials.

","correct":true,"explanation":"Dependence on trade exposes countries to transport and transaction costs. It can also leave them vulnerable if imports of essential goods are disrupted."},{"text":"

Transport and transaction costs may be zero.
Countries may gain self-sufficiency in essentials.

","correct":false,"explanation":"Trade normally involves transport and transaction costs, and dependence on imports reduces rather than increases self-sufficiency. The risks are costs and loss of essential domestic capacity."},{"text":"

Domestic production costs may always fall.
Countries may lose self-sufficiency in luxuries only.

","correct":false,"explanation":"Trade does not guarantee falling domestic costs, and dependence can affect essential goods as well as luxuries. High trade costs and reduced essential self-sufficiency are the key risks."},{"text":"

Export revenues may always disappear.
Countries may become self-sufficient in essentials.

","correct":false,"explanation":"Trade can generate export revenue, while importing essentials can reduce self-sufficiency. The recognised risks are high transport and transaction costs and dependence on essential imports."}]},{"id":"1102ae31-6f4c-4d83-84fe-074c026bf9e3","cardType":"basic","points":1,"front":"What is the double coincidence of wants?","back":"A double coincidence of wants occurs when each party wants exactly what the other offers.","mcqOptions":[{"text":"A double coincidence of wants occurs when each party wants exactly what the other offers.","correct":true,"explanation":"Barter requires both sides to want the other's goods at the same time. This exact matching of wants is called a double coincidence of wants."},{"text":"A double coincidence of wants occurs when one party wants exactly what the other offers.","correct":false,"explanation":"One-sided interest is insufficient for barter. Both parties must simultaneously want what the other offers, creating a double coincidence of wants."},{"text":"A double coincidence of wants occurs when each party offers exactly the same good.","correct":false,"explanation":"Offering the same good does not create a useful barter exchange. The condition requires each party to want the different good offered by the other."},{"text":"A double coincidence of wants occurs when neither party wants what the other offers.","correct":false,"explanation":"If neither party wants the other's goods, no exchange can occur. A double coincidence requires both parties to want exactly what the other offers."}]},{"id":"ffad5cba-ce1b-4e13-94c9-fe07fff913d2","cardType":"basic","points":2,"front":"Why does barter limit the extent of specialisation?","back":"Barter limits specialisation because producers may struggle to find someone who wants their output and offers what they need.","mcqOptions":[{"text":"Barter limits specialisation because producers may struggle to find someone who wants their output and offers what they need.","correct":true,"explanation":"Barter requires a double coincidence of wants. This makes exchange time-consuming and uncertain, discouraging producers from specialising too narrowly because they may not obtain necessary goods."},{"text":"Barter limits specialisation because producers can always find someone who wants their output and offers what they need.","correct":false,"explanation":"If matching traders were always available, barter would not significantly restrict specialisation. The problem is that producers may struggle to find someone with mutually matching wants."},{"text":"Barter limits specialisation because producers do not need to exchange their output for other goods.","correct":false,"explanation":"Specialised producers do need other goods because they do not produce everything themselves. Barter restricts specialisation because finding suitable trading partners can be difficult."},{"text":"Barter limits specialisation because producers are legally prevented from selling their output.","correct":false,"explanation":"The obstacle is not normally a legal ban on selling. Barter is limited by the difficulty of finding someone who wants the output and offers the goods required."}]},{"id":"d743e83b-e4df-4a58-8b92-b7f4e975ec2b","cardType":"basic","points":1,"front":"What makes an asset money?","back":"Money is a widely accepted asset used in exchange for goods and services.","mcqOptions":[{"text":"Money is a widely accepted asset used in exchange for goods and services.","correct":true,"explanation":"An asset qualifies as money when people broadly accept it as a means of exchanging goods and services, rather than requiring direct barter."},{"text":"Money is a government-issued asset used to measure wealth for goods and services.","correct":false,"explanation":"Government issue is not essential because some forms of money are privately created or historically commodity-based. The key requirement is wide acceptance in exchange for goods and services."},{"text":"Money is a valuable asset held by banks to create credit for goods and services.","correct":false,"explanation":"Banks holding assets and creating credit describes banking activity, not what makes an asset money. Money must be widely accepted as a means of exchange."},{"text":"Money is a scarce asset exchanged only for essential goods for goods and services.","correct":false,"explanation":"Money does not need to be exchanged only for scarce or essential goods. Its defining characteristic is general acceptance in exchanges for goods and services."}]},{"id":"b55612e0-08fd-4329-91d3-9cd50ecb4170","cardType":"basic","points":3,"front":"What are the four functions of money?","back":"The four functions are medium of exchange, measure of value, store of value and method of deferred payment.","mcqOptions":[{"text":"The four functions are medium of exchange, measure of value, store of value and method of deferred payment.","correct":true,"explanation":"Money acts as a medium of exchange, measure of value, store of value and method of deferred payment, allowing exchange, valuation, saving and credit."},{"text":"The four functions are medium of exchange, source of income, store of value and method of taxation.","correct":false,"explanation":"Income and taxation are economic activities involving money, not functions that money itself performs. The missing functions are measure of value and method of deferred payment."},{"text":"The four functions are measure of value, unit of production, store of value and method of investment.","correct":false,"explanation":"Production and investment use money but are not recognised functions of money. Money also needs to serve as a medium of exchange and a method of deferred payment."},{"text":"The four functions are medium of exchange, measure of value, source of profit and method of borrowing.","correct":false,"explanation":"Profit and borrowing are outcomes or activities involving money, not its standard functions. The correct list includes store of value and method of deferred payment."}]},{"id":"0b7596bb-18be-4a29-80cc-1f636dd1baba","cardType":"basic","points":2,"front":"How does high inflation affect money's functions?","back":"High inflation erodes money's store-of-value function, encouraging people to use barter or foreign currency.","mcqOptions":[{"text":"High inflation erodes money's store-of-value function, encouraging people to use barter or foreign currency.","correct":true,"explanation":"High inflation reduces money's purchasing power over time, weakening its store-of-value function and encouraging alternatives such as barter or foreign currency."},{"text":"High inflation erodes money's medium-of-exchange function, encouraging people to use barter or foreign currency.","correct":false,"explanation":"Inflation primarily reduces money's purchasing power as a store of value, although extreme inflation may later disrupt exchange. The specific function directly eroded is store of value."},{"text":"High inflation erodes money's measure-of-value function, encouraging people to use barter or foreign currency.","correct":false,"explanation":"Inflation makes prices less stable, but the central effect identified here is the loss of purchasing power when money is held. That erodes its store-of-value function."},{"text":"High inflation erodes money's deferred-payment function, encouraging people to use barter or foreign currency.","correct":false,"explanation":"Inflation can alter the real value of debts, but the direct loss concerns money held for future purchasing power. Therefore, high inflation erodes the store-of-value function."}]},{"id":"ff0d4ef3-c3f2-4f74-a0a0-f8e357d3591b","cardType":"basic","points":2,"front":"How does money enable economic activity across time?","back":"Money supports saving, borrowing and investment across time.","mcqOptions":[{"text":"Money supports saving, borrowing and investment across time.","correct":true,"explanation":"Money allows purchasing power to be saved for future use, borrowed before income is received and invested to generate future returns, linking economic decisions across time."},{"text":"Money supports consumption, taxation and production across time.","correct":false,"explanation":"These are important economic activities, but they do not specifically explain how money links decisions between present and future periods. Saving, borrowing and investment perform that role."},{"text":"Money supports barter, rationing and saving across time.","correct":false,"explanation":"Barter is an alternative to using money, and rationing allocates scarce goods. Money enables intertemporal activity through saving, borrowing and investment."},{"text":"Money supports pricing, specialisation and taxation across time.","correct":false,"explanation":"Money helps with pricing, while specialisation and taxation are broader economic processes. The relevant mechanisms connecting present and future activity are saving, borrowing and investment."}]},{"id":"e75ea058-2eec-4551-a79e-7e6eab03ecec","cardType":"cloze","points":null,"front":"Productivity measures [ ] in a given period.","back":"Productivity measures output per worker in a given period.","mcqOptions":[{"text":"output per worker","correct":true,"explanation":"Productivity measures how much output is produced per worker during a given period. It therefore indicates the efficiency of labour in producing goods and services."},{"text":"workers employed per unit of output","correct":false,"explanation":"This reverses the productivity relationship by measuring labour input per unit of output. Productivity is output per worker, so higher output per worker means greater productivity."},{"text":"total output produced by all workers","correct":false,"explanation":"Total output ignores the number of workers producing it, so it cannot show labour efficiency accurately. Productivity compares output with labour input as output per worker."},{"text":"the value of wages paid per worker","correct":false,"explanation":"Wages measure worker remuneration rather than physical or monetary output generated. Productivity concerns output per worker over a specified period."}]},{"id":"72be480f-2092-41f9-a0d8-c7d1eb2e9a97","cardType":"cloze","points":null,"front":"A [ ] allows goods to be bought and sold without barter.","back":"A medium of exchange allows goods to be bought and sold without barter.","mcqOptions":[{"text":"medium of exchange","correct":true,"explanation":"A medium of exchange is generally accepted for purchases, allowing goods and services to be traded indirectly without requiring each party to want what the other offers."},{"text":"measure of value","correct":false,"explanation":"A measure of value provides a common way to express and compare prices, but it does not itself enable the purchase. That role belongs to the medium of exchange."},{"text":"store of value","correct":false,"explanation":"A store of value allows purchasing power to be retained for future use. It does not describe money's role in facilitating an immediate exchange without barter."},{"text":"method of deferred payment","correct":false,"explanation":"A method of deferred payment allows debts to be settled in the future. Buying and selling without barter relies on money acting as a medium of exchange."}]},{"id":"315ae018-5f99-4303-bd38-7311c2fbc656","cardType":"cloze","points":null,"front":"A [ ] expresses prices on a common scale for comparison.","back":"A measure of value expresses prices on a common scale for comparison.","mcqOptions":[{"text":"measure of value","correct":true,"explanation":"A measure of value gives prices a common monetary scale, allowing consumers and producers to compare the relative value of different goods and services."},{"text":"medium of exchange","correct":false,"explanation":"A medium of exchange facilitates buying and selling, but the function that expresses prices on a common comparative scale is the measure of value."},{"text":"store of value","correct":false,"explanation":"A store of value preserves purchasing power for later spending. It does not provide the common scale used to compare prices."},{"text":"method of deferred payment","correct":false,"explanation":"A method of deferred payment concerns settling debts at a later date. Comparing prices on a common scale is the measure-of-value function."}]},{"id":"9657be99-ed39-4829-8a20-119be20ef259","cardType":"cloze","points":null,"front":"A [ ] allows money to be saved and spent later.","back":"A store of value allows money to be saved and spent later.","mcqOptions":[{"text":"store of value","correct":true,"explanation":"The store-of-value function allows money to retain purchasing power for future spending, although inflation can reduce the real value preserved."},{"text":"medium of exchange","correct":false,"explanation":"The medium-of-exchange function enables current transactions, whereas saving money for later spending depends on money acting as a store of value."},{"text":"measure of value","correct":false,"explanation":"The measure-of-value function expresses prices and facilitates comparison. It does not describe retaining money for future spending."},{"text":"method of deferred payment","correct":false,"explanation":"The method-of-deferred-payment function allows future settlement of debts. Saving money for later use is instead the store-of-value function."}]},{"id":"396b5e91-bd7a-4e80-bc28-898daaa561cf","cardType":"cloze","points":null,"front":"A [ ] allows debts to be settled in money over time.","back":"A method of deferred payment allows debts to be settled in money over time.","mcqOptions":[{"text":"method of deferred payment","correct":true,"explanation":"Money serves as a method of deferred payment when it provides an agreed way to settle debts and contractual obligations at a future date."},{"text":"store of value","correct":false,"explanation":"A store of value concerns retaining purchasing power over time, not specifically settling an obligation later. Future debt settlement is the method-of-deferred-payment function."},{"text":"medium of exchange","correct":false,"explanation":"A medium of exchange is used to complete current purchases. Although money may be used in repayment, settling debts over time is its deferred-payment function."},{"text":"measure of value","correct":false,"explanation":"A measure of value expresses prices in a common unit. It does not describe the future settlement of debts in money."}]},{"id":"92e349ed-2d9c-4dd4-bb37-7962d82b60de","cardType":"cloze","points":null,"front":"The medium of exchange is the most fundamental function because the other functions depend on money being [ ].","back":"The medium of exchange is the most fundamental function because the other functions depend on money being accepted in trade.","mcqOptions":[{"text":"accepted in trade","correct":true,"explanation":"Money must be accepted in trade before it can be exchanged for goods and services. This acceptance also allows it to be valued, saved and used for future payments."},{"text":"issued by a central bank","correct":false,"explanation":"Central-bank issue is common for modern currency but is not the fundamental requirement for money. The other functions depend on money being accepted in trade."},{"text":"backed by precious metals","correct":false,"explanation":"Precious-metal backing was used by some monetary systems but is not necessary for money. Its other functions rely on acceptance in trade."},{"text":"held as a financial asset","correct":false,"explanation":"Money can be held as a financial asset, but holding it does not guarantee that others will accept it. Trade acceptance is the underlying requirement."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"1.1.5 Specialisation and the division of labour","title":"1.1.5 Specialisation and the division of labour Flashcards","topbar":{"backHref":"/a-level/economics/edexcel/a/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"1a1de70a-05bd-567a-9511-e9e339459e2a","walled":"$L3a"}],"$L3b","$L3c"]