7 Written questions
6 Multiple choice questions
- people who make the product or are involved;
- Micro and Macro
- study of how we fulfill unlimited wants with limited resources
- What you earn back.
- buying something less expensive to meet a need
- Command and Free Market
6 True/False questions
What are the Factors of Production? → Natural Resources, Human Resources, Capital, and Enterpernuership
What are the 4 economic systems? → Traditional, Command, Free Market, and Mixed
Profit → the difference between what it costs to make the item and what it is sold for
Opportunity Cost → not being able to purchase what we want
Scarcity → not being able to purchase what we want
Micro → Budget of U.S.