Ch 13 Ramsey Vocab Quiz

What is Global Economics?

• Study of how the economies in all of the world opperate

• Study of the Globe

• Study of the big picture of economics

• Study of the value of countrys good and services

Match the following

• high level of economic growth idustries,

• inflation

• small economic behavior

• Developed Country

• reduction of prices over time

• Macroeconomic

• increase of prices overtime

• Microeconomics

• Big picture of economic indicators

• Deflation

Reorder the following

Chain of Production

• milk goes to processing plant

• Raw milk collected from cows

• milk, cheese, cottage cheese,

  creamer, butter

• stores restaurants

• research and development

  new flavors

Reorder the following

Economic Sectors

• technology

• 5th

• refinining

• sales

• mining

Gross Domestic Product

• Developed Country

• Total Market Value of all finished goods and services produced in a country

• key stats used to anaylze countrys economy

• Standard of living

​ (a)   the state in which market_​ (b)   and ​ (c)   match each other, resulting in price stability.

• Equilibrium
• supply
• demand