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






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






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

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






5. Beneficial spillover on another party






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






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






8. Production and consumption at local levels for community survival






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






10. Location economies created through formal interactions between firms






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






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






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






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






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






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






17. Beneficial spillover on another party






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






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






20. Production and consumption at local levels for community survival






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






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






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






24. 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






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






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






27. Location economies created through formal interactions between firms






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






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






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

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






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






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






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






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






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






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






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






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






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






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






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






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






44. Consumption - investment and government expenditures. net exports






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






46. 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






47. Consumption - investment and government expenditures. net exports






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