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 and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






11. 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






12. Production and consumption at local levels for community survival






13. Consumption - investment and government expenditures. net exports






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






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






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






18. 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






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






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






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






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






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






24. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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


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






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






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






37. Consumption - investment and government expenditures. net exports






38. Location economies created through formal interactions between firms






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






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






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






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






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






44. Beneficial spillover on another party






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


46. Location economies created through formal interactions between firms






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






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