7 Written questions
6 Multiple choice questions
- cost of 1 item in terms of another item
- 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?
- personal budget
- land, building, and materials that go into the production of the product; Cost=rent
- Traditional, Command, Free Market, and Mixed
6 True/False questions
Entrepreneurship → person who puts together the first three factors of production (owns business)
What is Mixed a mix of? → money
Profit Margin → the difference between what it costs to make the item and what it is sold for
Profit → the difference between what it costs to make the item and what it is sold for
Interest → money paid to use someone elses money
Scarcity → Money and machines; Cost=interest