7 Written questions
6 Multiple choice questions
- Micro and Macro
- people who make the product or are involved;
- 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?
- Money and machines; Cost=interest
- Traditional, Command, Free Market, and Mixed
6 True/False questions
Natural Resources → land, building, and materials that go into the production of the product; Cost=rent
Economics → the difference between what it costs to make the item and what it is sold for
Entrepreneurship → money paid to use someone elses money
Profit Margin → What you earn back.
What is Mixed a mix of? → Command and Free Market
Scarcity → not being able to purchase what we want