7 Written questions
6 Multiple choice questions
- people who make the product or are involved;
- person who puts together the first three factors of production (owns business)
- the difference between what it costs to make the item and what it is sold for
- buying something less expensive to meet a need
- money paid to use someone elses money
- 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?
6 True/False questions
Micro → personal budget
Capital → not being able to purchase what we want
Scarcity → Money and machines; Cost=interest
Macro → personal budget
What is Mixed a mix of? → Command and Free Market
Natural Resources → land, building, and materials that go into the production of the product; Cost=rent