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1. Explain (1) what profit is and (2) how is profit computed. 2. For the new business that you are working on in this course, name one example of the five factors of production your new business will need to use. 3. Which of the 3 major types of economic systems do you most prefer and Why? 4. Explain the law of supply by using your new business. Be specific to your business. Use specific prices. 5. Explain the law of demand using your new business. Be specific to your business. Use specific prices. 1. Explain (1) what profit is and (2) how is profit computed. 2. For the new business that you are working on in this course, name one example of the five factors of production your new business will need to use. 3. Which of the 3 major types of economic systems do you most prefer and Why? 4. Explain the law of supply by using your new business. Be specific to your business. Use specific prices. 5. Explain the law of demand using your new business. Be specific to your business. Use specific prices