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






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






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






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






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






7. 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






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






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






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






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






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






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






14. Production and consumption at local levels for community survival






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






16. Consumption - investment and government expenditures. net exports






17. Beneficial spillover on another party






18. Production and consumption at local levels for community survival






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






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


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






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






23. Consumption - investment and government expenditures. net exports






24. Location economies created through formal interactions between firms






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






26. Location economies created through formal interactions between firms






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






28. 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






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






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






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






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






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






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


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






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






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






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






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






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






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






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






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






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






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






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






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






48. Beneficial spillover on another party