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. 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






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






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






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






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






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






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






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






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






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






11. Production and consumption at local levels for community survival






12. Consumption - investment and government expenditures. net exports






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






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






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






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

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






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






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






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






21. Beneficial spillover on another party






22. Location economies created through formal interactions between firms






23. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






33. 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






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






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






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






37. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






44. Beneficial spillover on another party






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

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






47. Location economies created through formal interactions between firms






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