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7 Written questions

6 Multiple choice questions

  1. Budget of U.S.
  2. Command and Free Market
  3. Natural Resources, Human Resources, Capital, and Enterpernuership
  4. What you earn back.
  5. the difference between what it costs to make the item and what it is sold for
  6. Money and machines; Cost=interest

6 True/False questions

  1. Scarcitynot being able to purchase what we want

          

  2. Opportunity Costcost of 1 item in terms of another item

          

  3. What are the 4 economic questions?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?

          

  4. Trade-Offthe difference between what it costs to make the item and what it is sold for

          

  5. Entrepreneurshipperson who puts together the first three factors of production (owns business)
    Cost=profit

          

  6. Interestnot being able to purchase what we want