WG Economics Review

_____________ is the development of a worldwide society; movement of people, goods, information worldwide?

• Outsource

• Globalization

• GDP

• Mixed Economy

An American company moving its IT jobs to India is an example of ___________?

• More Developed Countries

• Traditional Economy

• outsourcing

• micro-enterprise

The ability of one country to produce a good or service cheaper and more efficiently is called _____________?

• outsourcing

• comparative advantage

• socialism

• globalization

Disrupting traditional economies is a disadvantage of __________?

• micro-enterprise

• GDP

• tertiary

• globalization

Which of the following is an example of a country at the secondary level of economic activity?

• Work focuses on putting raw materials together, like cars and watches.

• Companies using data to evaluate the effectiveness of new technology.

• Cutting down trees, fishing, mining for precious gemstones.

• Restaurants selling food, hotels housing tourists, shops selling goods

Access to money is an obstacle poor women face in less developed countries. A small loan to those women could help them start a _____________?

• command economy

• macro-enterprise

• microenterprise

• comparative advantage

More Developed Countries _______________.

• depend on raw material extraction

• only exist in a command economy

• are more likely to have coordinated health care, public universities, and have a higher GDP

• populations tend to live in rural areas

GDP is _____________?

• the ability to start small businesses

• hire someone outside a company to do something that was 0once does in a country

• a secondary level of economic activity.

• the total value of goods and services a country produces each year

Who controls the means of production in a market economy?

• A group of powerful people.

• The government

• Social agencies

• Individuals

What type of economy would have individuals and the government making decisions about the economy?

• Command

• Mixed

• Traditional

• Market