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WGU D089 (PRINCIPLES OF ECONOMICS) EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024 $30.99
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WGU D089 (PRINCIPLES OF ECONOMICS) EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
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Course
WGU D089
Institution
WGU D089
WGU D089 (PRINCIPLES OF ECONOMICS) EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
WGU D089 (PRINCIPLES OF ECONOMICS) EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
rational decision making - ANSWER-think at the margin; marginal benefit must
exceed marginal cost
Positive analysis - ANSWER-the study of "what is?"; descriptive analysis
normative analysis - ANSWER-the study of "what ought to be?"; prescriptive
analysis, reflects personal views, values and judgments
Circular Flow diagram - ANSWER-a visual model of the economy that shows
how dollars flow through markets among households and firms
Production Possibilities Frontier (PPF) - ANSWER-a curve showing the
maximum attainable combinations of two products that may be produced with
available resources and current technology
law of increasing opportunity cost - ANSWER-The more resources already
devoted to an activity, the smaller the payoff of devoting additional resources
to that activity
,Economic growth (production) - ANSWER-the ability of the economy to
increase the production of goods and services; shifts in PPF
Scarcity - ANSWER-Because of this, a country is limited to points on or below its
PPF
Efficient production - ANSWER-Maximum output from a given amount of input
Law of Demand - ANSWER-consumers buy more of a good when its price
decreases and less when its price increases
Four Economic Resources - ANSWER-land, labor, capital, entrepreneurship
Microeconomics - ANSWER-the study of how households and firms make
decisions and how they interact in markets; functioning of individual parts of
the economy
Macroeconomics - ANSWER-The study of the economy as a whole
Efficiency - ANSWER-Getting the most that we can out of our scare resources
Equity - ANSWER-Distributing output in a fair manner
Opportunity cost - ANSWER-whatever must be given up to obtain an item; cost
of the alternative
change in quantity demanded - ANSWER-movement along the same demand
curve; caused by a change in P
, change in demand - ANSWER-a shift of the demand curve, which changes the
quantity demanded at any given price
Determinants of Demand - ANSWER-tastes and preferences; Prices of related
goods (substitutes, complements) income, consumers expectations, number of
consumers, taxes or subsidies on buyers
Law of Supply - ANSWER-producers offer more of a good as its price increases
and less as its price falls
Change in Quantity Supplied - ANSWER-movement along the same supply
curve caused by a change in price
Change in Supply - ANSWER-a shift of the supply curve, which changes the
quantity supplied at any given price
Determinants of Supply - ANSWER-Level of technology, Price of
inputs/resources, sellers' expectation of the future, number of producers, taxes
or subsidies on sellers
price elasticity of demand - ANSWER-how much the quantity demanded of a
good responds to a change in price of that good
Determinants of price elasticity of demand - ANSWER-necessity vs luxury,
percentage of budget, closeness of substitutes, market definition, durability of
good, time period
Price elasticity of demand formula - ANSWER-percentage change in quantity
demanded/percentage change in price
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