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19 terms

Slay-Economics test

The test is on Wednesday guys!
STUDY
PLAY
Economics
study of how we fulfill unlimited wants with limited resources
limited resources
money
What are the 2 types of economics?
Micro and Macro
Micro
personal budget
Macro
Budget of U.S.
Scarcity
not being able to purchase what we want
Opportunity Cost
cost of 1 item in terms of another item
Trade-Off
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;
cost=wage
Capital
Money and machines; Cost=interest
Entrepreneurship
person who puts together the first three factors of production (owns business)
Cost=profit
Interest
money paid to use someone elses money
Profit
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