7 Written questions
6 Multiple choice questions
- Command and Free Market
- land, building, and materials that go into the production of the product; Cost=rent
- person who puts together the first three factors of production (owns business)
- not being able to purchase what we want
- study of how we fulfill unlimited wants with limited resources
6 True/False questions
What are the 2 types of economics? → Natural Resources, Human Resources, Capital, and Enterpernuership
Capital → Money and machines; Cost=interest
What are the 4 economic systems? → 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?
Opportunity Cost → money paid to use someone elses money
Profit Margin → What you earn back.
Interest → personal budget