which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - Answer principle 2:cost is determined by what is given up also known as opportunity cost
which economic system is represented by thr governmen...
WGU D089 STUDY GUIDE EXAM WELL ANSWERED 100%.
which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - Answer principle 2:cost is determined by what is given up also known as opportunity cost
which economic system is represented by thr governments actions to regulate the production of ABC company's products - Answer mixed
which economies have characteristics of all the economic systems with market system being the most prevalent - Answer mixed
a company that focuses its economic reasoning at a business level and decisions focus on individuals is what - Answer microeconomics
what is the payment of production for a company if it buys the additional machinery for its production facility - Answer interest
the payment for the use of capital is... - Answer interest
which term is a factor of production in a manufacturing facility - Answer machinery-capital factor
Macroeconomics - Answer a branch of economics dealing with the performance, structure, behavior, and decision making of an economy as a whole
Microeconomics - Answer a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scare resources and interactions among these individuals and firms
Scarcity - Answer the basic economic problem, the gap between limited, scare, resources and theoretically limitless wants 3 basic economic questions - Answer What to produce? How to produce? For whom to produce?
what is a consequence of a government printing more money - Answer decreased unemployment
principle 1 - Answer People face trade-offs
principle 2 - Answer The cost of something is determined by what you give up to get it
principle 3 - Answer Rational people think at the margin
principle 4 - Answer People respond to incentives
principle 5 - Answer trade can benefit everyone
principle 6 - Answer markets are sound method of organizing economic activity
principle 7 - Answer governments may be able to improve market outcomes
principle 8 - Answer a nation's standard of living depends on its ability to produce
principle 9 - Answer printing to much money causes prices to rise
principle 10 - Answer there is a short run tradeoff between inflation and unemployment
economic systems - Answer a system of thr production, resource allocation, and distribution of goods and services within a society or given geographic area
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