7 Written questions
6 Multiple choice questions
- land, building, and materials that go into the production of the product; Cost=rent
- Budget of U.S.
- cost of 1 item in terms of another item
- Traditional, Command, Free Market, and Mixed
- What you earn back.
- personal budget
6 True/False questions
Profit → the difference between what it costs to make the item and what it is sold for
Human Resources → land, building, and materials that go into the production of the product; Cost=rent
Entrepreneurship → person who puts together the first three factors of production (owns business)
What are the 2 types of economics? → Micro and Macro
Economics → study of how we fulfill unlimited wants with limited resources
What are the Factors of Production? → Natural Resources, Human Resources, Capital, and Enterpernuership