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






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






3. 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






4. Production and consumption at local levels for community survival






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






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






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






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






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


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






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






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


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






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






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






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






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






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






20. Beneficial spillover on another party






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






22. Consumption - investment and government expenditures. net exports






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






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






25. Consumption - investment and government expenditures. net exports






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






27. Production and consumption at local levels for community survival






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






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






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






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






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






33. Location economies created through formal interactions between firms






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






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






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






39. Beneficial spillover on another party






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






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






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






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






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






45. Location economies created through formal interactions between firms






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






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






48. 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