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7 Written questions

6 Multiple choice questions

  1. cost of 1 item in terms of another item
  2. 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?
  3. money
  4. personal budget
  5. land, building, and materials that go into the production of the product; Cost=rent
  6. Traditional, Command, Free Market, and Mixed

6 True/False questions

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

          

  2. What is Mixed a mix of?money

          

  3. Profit Marginthe difference between what it costs to make the item and what it is sold for

          

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

          

  5. Interestmoney paid to use someone elses money

          

  6. ScarcityMoney and machines; Cost=interest

          

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