Chapter 13 Global Economics

Economics is a study of consumer _____.

• choices
• availability
• supply
• demand

Every country has a unique _____ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.

• economic system
• entrepreneurship
• supply and demand
• command economy

The U.S. is mostly a...

• focused economy.
• free market.
• demand.
• GDP.

What you choose to _____ has a(n) _____ on the economies of other countries.

• buy; impact
• make; influence
• trade; affect
• do; fallout

Economic interdependence...

• describes how all the countries of the world handle their money.
• describes how many countries and companies around the world depend upon each other.
• means that we're all dependent upon the economy for our personal happiness.
• means that countries do not depend on each other for their economic well-being.

A _____ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.

• market
• mixed
• traditional
• command

What is specialization?

• Its when a person chooses to specialized in one career field but it ends up harming their economy.
• Its when a capitalist nation decides to focus its efforts on producing only 7 types of services.
• It's when a country focuses its efforts on producing a limited variety of goods or services.
• It's when an economy is completely self-sustaining.

The buying and selling of various goods and sercives is called _____.

• marketplace
• trade
• scarcity
• economic interdependence

_____ is the science of the whole economy, while _____ is the study of people, individual businesses, or markets.

• Global economics; microeconomics
• Macroeconomics; global economics
• Macroeconomics; microeconomics
• Microeconomics; macroeconomics

Supply and demand helps us understand how the _____ of a particular product and the _____ for it affect the price of the item.

• worth; supply
• look; feel
• demand; need
• availability; desire