Slay-Economics test

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The test is on Wednesday guys!

Economics

study of how we fulfill unlimited wants with limited resources

limited resources

money

What are the 2 types of economics?

Micro and Macro

Micro

personal budget

Macro

Budget of U.S.

Scarcity

not being able to purchase what we want

Opportunity Cost

cost of 1 item in terms of another item

Trade-Off

buying something less expensive to meet a need

What are the Factors of Production?

Natural Resources, Human Resources, Capital, and Enterpernuership

Natural Resources

land, building, and materials that go into the production of the product; Cost=rent

Human Resources

people who make the product or are involved;
cost=wage

Capital

Money and machines; Cost=interest

Entrepreneurship

person who puts together the first three factors of production (owns business)
Cost=profit

Interest

money paid to use someone elses money

Profit

the difference between what it costs to make the item and what it is sold for

What are the 4 economic questions?

1. What will I make?
2. How will I make it?
3. Who gets to buy it?
4. How am I going to distribute my item?

Profit Margin

What you earn back.

What are the 4 economic systems?

Traditional, Command, Free Market, and Mixed

What is Mixed a mix of?

Command and Free Market

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