The Concept of Global Commodity Chains Attempts to Describe What

question 61

Multiple Choice

The concept of global commodity chains attempts to describe what characteristic of the global economy?

• A) the increasing globalization of manufacturing
• B) the shift from global to local manufacturing
• C) the increasing globalization of financial markets
• D) the shift from global to local food production

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Definitions:

Production Possibilities Curve

The Production Possibilities Curve is a graph that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed.

Economic Growth

The escalation in the real value of products and services an economy produces, adjusted for inflation, over time.

Outward Shift

Refers to an expansion in an economy's production possibility frontier, indicating an increase in the ability to produce goods and services.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced with a fixed amount of resources and technology in a given period.