TCW Midterm Exam Questions and Correct Answers 100% Verified Graded A+
A basic economic concept involving the exchange of goods and services through buying and
selling. It can be monetary or non-monetary. - Trade / Trading
Buying goods/services coming into the country (papasok). - Import
Selling goods/services going out of the country (labas). - Export
What are the key elements involved in the concept of trade? - 1. Buyer
2. Seller
3. Profit
4. Market
Tangible products (physical items). - Goods
Intangible products (actions, labor, or assistance provided). - Services
A non-monetary system of exchange where goods or services are directly traded for other goods
or services without using money. - Barter
What are four main types of trade/trading mentioned? - 1. Goods and Services
2. Stocks
, 3. Forex (Foreign Exchange)
4. Crypto (e.g., Bitcoin)
allows buyers to acquire needed goods and services, and sellers to generate a profit by providing
them. - Trade
Any place, physical or digital, where buyers and sellers come together to trade goods, services,
or assets. - MArket
The party in a trade transaction who purchases goods, services, or assets using money or other
agreed-upon forms of payment. - Buyer
The party in a trade transaction who provides goods, services, or assets in exchange for payment
or value. - Seller
Goods or services purchased and brought into a country (papasok) from an external foreign
seller. - Import
Goods or services sold and sent out of a country (labas) to a buyer in a foreign market. -
Export
Why do countries engage in import and export trading? - To access goods/services they
cannot produce domestically, sell surplus products, and participate in the global economy.
A basic economic concept involving the exchange of goods and services through buying and
selling. It can be monetary or non-monetary. - Trade / Trading
Buying goods/services coming into the country (papasok). - Import
Selling goods/services going out of the country (labas). - Export
What are the key elements involved in the concept of trade? - 1. Buyer
2. Seller
3. Profit
4. Market
Tangible products (physical items). - Goods
Intangible products (actions, labor, or assistance provided). - Services
A non-monetary system of exchange where goods or services are directly traded for other goods
or services without using money. - Barter
What are four main types of trade/trading mentioned? - 1. Goods and Services
2. Stocks
, 3. Forex (Foreign Exchange)
4. Crypto (e.g., Bitcoin)
allows buyers to acquire needed goods and services, and sellers to generate a profit by providing
them. - Trade
Any place, physical or digital, where buyers and sellers come together to trade goods, services,
or assets. - MArket
The party in a trade transaction who purchases goods, services, or assets using money or other
agreed-upon forms of payment. - Buyer
The party in a trade transaction who provides goods, services, or assets in exchange for payment
or value. - Seller
Goods or services purchased and brought into a country (papasok) from an external foreign
seller. - Import
Goods or services sold and sent out of a country (labas) to a buyer in a foreign market. -
Export
Why do countries engage in import and export trading? - To access goods/services they
cannot produce domestically, sell surplus products, and participate in the global economy.
