Business Vocab Quiz - Part 2

What is the term for the process of transferring ownership of a public service to a private entity?

• Privatisation

• Subsidization

• Regulation

• Nationalization

Which sector of the economy is primarily involved in the extraction of raw materials?

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

What do we call the economic sector that focuses on manufacturing and construction?

• Primary sector

• Tertiary sector

• Secondary sector

• Quaternary sector

Which sector provides services rather than goods?

• Quaternary sector

• Tertiary sector

• Primary sector

• Secondary sector

What is a group of countries that have agreed to reduce or eliminate trade barriers among themselves called?

• Trade bloc

• Trade union

• Economic zone

• Monetary union

Which term refers to economies that are in the process of rapid growth and industrialization?

• Underdeveloped economies

• Emerging economies

• Transition economies

• Developed economies

What is the process of increasing interconnectedness and interdependence among countries called?

• Protectionism

• Nationalism

• Globalisation

• Isolationism

What type of legal protection is granted to inventions and creative works?

• Corporate property

• Intellectual property

• Real estate

• Physical property

What are the reserves of a country's currency held in foreign currencies called?

• Debt reserves

• Currency reserves

• Gold reserves

• Investment reserves

What term describes the situation when a country has more exports than imports?

• Equilibrium

• Balance

• Surplus

• Deficit