Test your basic knowledge |

Global Economy Basics

Subjects : literacy, economics
Instructions:
  • Answer 48 questions in 30 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. An unintended consequence or cost that adversely affects an entity that was not involved






2. Production and consumption at local levels for community survival






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






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






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






6. 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






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






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






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






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






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






12. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






20. Beneficial spillover on another party






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






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






23. Location economies created through formal interactions between firms






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






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






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






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






28. Consumption - investment and government expenditures. net exports






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






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






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






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






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






34. Location economies created through formal interactions between firms






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






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






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






38. Beneficial spillover on another party






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


40. 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






41. Production and consumption at local levels for community survival






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






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


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






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






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






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






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