7 Written Questions
6 Multiple Choice Questions
- cost of 1 item in terms of another item
- study of how we fulfill unlimited wants with limited resources
- Traditional, Command, Free Market, and Mixed
- not being able to purchase what we want
- 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?
- Command and Free Market
6 True/False Questions
What are the 2 types of economics? → Micro and Macro
Trade-Off → buying something less expensive to meet a need
Micro → personal budget
Profit Margin → the difference between what it costs to make the item and what it is sold for
limited resources → money
Profit → personal budget