7 Written Questions

1. Traditional, Command, Free Market, and Mixed
2. study of how we fulfill unlimited wants with limited resources
3. cost of 1 item in terms of another item
4. Budget of U.S.
5. personal budget
6. not being able to purchase what we want
7. buying something less expensive to meet a need

6 Multiple Choice Questions

1. Micro and Macro
   1. What are the 4 economic systems?
   2. What are the 4 economic questions?
   3. What are the 2 types of economics?
   4. What are the Factors of Production?
2. Natural Resources, Human Resources, Capital, and Enterpernuership
   1. What are the 4 economic questions?
   2. What are the 4 economic systems?
   3. What are the 2 types of economics?
   4. What are the Factors of Production?
3. people who make the product or are involved;
   cost=wage
   1. limited resources
   2. Economics
   3. Human Resources
   4. Natural Resources
4. person who puts together the first three factors of production (owns business)
   Cost=profit
   1. Natural Resources
   2. Human Resources
   3. Entrepreneurship
   4. Interest
5. What you earn back.
   1. Profit
   2. Capital
   3. Scarcity
   4. Profit Margin
6. land, building, and materials that go into the production of the product; Cost=rent
   1. limited resources
   2. Trade-Off
   3. Human Resources
   4. Natural Resources

6 True/False Questions

1. What are the 4 economic questions? → Traditional, Command, Free Market, and Mixed

   True        False

2. limited resources → money

   True        False

3. Profit → Budget of U.S.

   True        False

4. Interest → Budget of U.S.

   True        False

5. Capital → Money and machines; Cost=interest

   True        False

6. What is Mixed a mix of? → Command and Free Market

   True        False