7 Written questions
6 Multiple choice questions
- study of how we fulfill unlimited wants with limited resources
- not being able to purchase what we want
- land, building, and materials that go into the production of the product; Cost=rent
- person who puts together the first three factors of production (owns business)
- What you earn back.
6 True/False questions
Human Resources → land, building, and materials that go into the production of the product; Cost=rent
Micro → personal budget
Interest → Budget of U.S.
What are the 4 economic questions? → Traditional, Command, Free Market, and Mixed
Trade-Off → buying something less expensive to meet a need
Profit → the difference between what it costs to make the item and what it is sold for