7 Written questions
6 Multiple choice questions
- Budget of U.S.
- Command and Free Market
- Natural Resources, Human Resources, Capital, and Enterpernuership
- What you earn back.
- the difference between what it costs to make the item and what it is sold for
- Money and machines; Cost=interest
6 True/False questions
Scarcity → not being able to purchase what we want
Opportunity Cost → cost of 1 item in terms of another item
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?
Trade-Off → the difference between what it costs to make the item and what it is sold for
Entrepreneurship → person who puts together the first three factors of production (owns business)
Interest → not being able to purchase what we want