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






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






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






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






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






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






7. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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

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






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






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






20. Beneficial spillover on another party






21. Location economies created through formal interactions between firms






22. 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






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






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






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






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






27. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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






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






37. Location economies created through formal interactions between firms






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






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






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






41. 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






42. Consumption - investment and government expenditures. net exports






43. Beneficial spillover on another party






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






45. Production and consumption at local levels for community survival






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

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






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