Test your basic knowledge |

Global Economy Basics

Subjects : literacy, economics
Instructions:
  • Answer 48 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Production - price - exchange - and distribution regulated by custom






2. Free enterprise - private ownership of production - market-based exchange






3. A graduated series of geographical terms used to classify or organize spaces - places - or processes






4. Most people work for wages - then purchase goods and services to consume






5. How the various steps in a production process tasks are assigned to different workers






6. Most people work for wages - then purchase goods and services to consume






7. As incomes rise - a lower proportion of income is spent on food

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8. Generic categories of elements that are required for production of a good or service to occur






9. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






10. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






11. Process of growth - change - and differentiation of an economy






12. Directed enterprise - state ownership of production - quota/planned distribution






13. Directed enterprise - state ownership of production - quota/planned distribution






14. Beneficial spillover on another party






15. Emphasizes social relationships and process that create or modify their characteristics






16. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries






17. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






18. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries






19. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs






20. Production and consumption at local levels for community survival






21. Generic categories of elements that are required for production of a good or service to occur






22. Production - price - exchange - and distribution regulated by custom






23. Education - knowledge - skills - and abilities of a labor force






24. Consumption - investment and government expenditures. net exports






25. Those that tend to use older production technologies and lack newest products






26. Location economies created through formal interactions between firms






27. Education - knowledge - skills - and abilities of a labor force






28. Production and consumption at local levels for community survival






29. As incomes rise - a lower proportion of income is spent on food

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30. Emphasizes social relationships and process that create or modify their characteristics






31. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






32. An unintended consequence or cost that adversely affects an entity that was not involved






33. Those with highest degree of use of new technologies for production and highest degree or range of new products






34. Beneficial spillover on another party






35. Those that tend to use older production technologies and lack newest products






36. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






37. Those with highest degree of use of new technologies for production and highest degree or range of new products






38. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






39. Free enterprise - private ownership of production - market-based exchange






40. Consumption - investment and government expenditures. net exports






41. An unintended consequence or cost that adversely affects an entity that was not involved






42. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs






43. A cost or damage that spills over on another party






44. Location economies created through formal interactions between firms






45. How the various steps in a production process tasks are assigned to different workers






46. A graduated series of geographical terms used to classify or organize spaces - places - or processes






47. A cost or damage that spills over on another party






48. Process of growth - change - and differentiation of an economy