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The test is on Wednesday guys!


study of how we fulfill unlimited wants with limited resources

limited resources


What are the 2 types of economics?

Micro and Macro


personal budget


Budget of U.S.


not being able to purchase what we want

Opportunity Cost

cost of 1 item in terms of another item


buying something less expensive to meet a need

What are the Factors of Production?

Natural Resources, Human Resources, Capital, and Enterpernuership

Natural Resources

land, building, and materials that go into the production of the product; Cost=rent

Human Resources

people who make the product or are involved;


Money and machines; Cost=interest


person who puts together the first three factors of production (owns business)


money paid to use someone elses money


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

What are the 4 economic questions?

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?

Profit Margin

What you earn back.

What are the 4 economic systems?

Traditional, Command, Free Market, and Mixed

What is Mixed a mix of?

Command and Free Market

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