7 Written Questions
6 Multiple Choice Questions
- money paid to use someone elses money
- Money and machines; Cost=interest
- Budget of U.S.
- land, building, and materials that go into the production of the product; Cost=rent
- cost of 1 item in terms of another item
6 True/False Questions
Profit → personal budget
Micro → personal budget
What are the 2 types of economics? → Micro and Macro
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?
Scarcity → Money and machines; Cost=interest
Trade-Off → buying something less expensive to meet a need