Exam (elaborations)
WGU - D089 - Principles Of Economics New /522 Questions And Answers Download To Pass!!!!
WGU - D089 - Principles Of Economics New /522 Questions And Answers Download To Pass!!!!
[Show more]
Content preview
WGU - D089 - Principles Of Economics New 2023-2024 /522 Questions And Answers Download To
Pass!!!!
Quiz :Macroeconomics - Answer :A branch of economics dealing with the
performance, structure, behavior, and decision-making of an economy as a
whole
Quiz :Microeconomics - Answer :A branch of economics that studies the
behavior of individuals and firms in making decisions regarding the allocation
of scarce resources and the interactions among these individuals and firms
Quiz :Scarcity - Answer :The basic economic problem; the gap between
limited, scarce , resources and theoretically limitless wants
Quiz :Opportunity cost - Answer :The next best alternative that is given up
when a choice is made
Quiz :Think at the margin - Answer :Thinking about what the next step or an
additional action means for a person
Quiz :Marginal benefit - Answer :The incremental increase in the benefit to a
consumer caused by the consumption of one additional unit of a good or
service
Quiz :Principles of Economics #1 - Answer :Everyone faces trade-offs
Quiz :Principles of Economics #2 - Answer :The cost of something is
determined by what you give up to get it
Quiz :Principles of Economics #3 - Answer :Rational people think at the margin
Quiz :Principles of Economics #4 - Answer :People respond to incentives
Quiz :Principles of Economics #5 - Answer :Trade can benefit everyone
Quiz :Principles of Economics #6 - Answer :Markets are a sound method of
organizing economic activity
, Quiz :Principles of Economics #7 - Answer :Governments may be able to
improve market outcomes
Quiz :Principles of Economics #8 - Answer :A nation's standard of living
depends on it's ability to produce.
Quiz :Principles of Economics #9 - Answer :Printing too much money causes
prices to rise
Quiz :Principles of Economics #10 - Answer :There is a short-run trade-off
between inflation and unemployment
Quiz :Economic systems - Answer :A system of the production, resource
allocation, and distribution of goods and services within a society or a given
geographic area
Quiz :Traditional Economy - Answer :An economic system that relies on
customs, history, and time-honored beliefs. Tradition guides economic
decisions such as production and distribution
Quiz :Command Economy - Answer :An economic system in which production,
investment, prices, and incomes are determined centrally by a government
Quiz :Market Economy - Answer :An economic system in which the decisions
regarding investments, production, and distribution are guided by the price
signals created by the forces of supply and demand
Quiz :Mixed Economy - Answer :An economic system in which both private
enterprise and a degree of state monopoly (Usually in public services, defense,
infrastructure, and basic industries) co-exist
Quiz :Five key characteristics of a Traditional Economy - Answer :1. It is
centered around families or tribes.
2. It exists in a hunter-gatherer and nomadic society.
3. Trade is heavily dependent on bartering rather than money.
4. It only produces what is needed, and a surplus is very rare.
5. It eventually changes from purely trade to the use of some type of currency.
Quiz :Advantages to a Traditional Economy - Answer :There is little
competition or friction among members of the society.
,People's roles and contributions are well understood.
It can be more sustainable than a technology-based economy.
Quiz :Disadvantages to a Traditional Economy - Answer :It is exposed to
environmental changes and weather patterns.
It is vulnerable to market of command economies, which consume and deplete
the resources or traditional economies.
Quiz :Five key characteristics of a Command Economy - Answer :1. All
economic activity is planned and controlled by a centralized government
power.
2. The government decides how to use and distribute the nation's natural,
capital, and labor resources.
3. A nation's central power controls the priorities for how goods and services
will be produced and distributed.
4. Domestic competition is overpowered as the government monopolizes
businesses considered essential for economic goals such as utilities, finance,
and automotive companies.
5. Businesses are required to follow specific hiring and production targets set
by the government. This creates regulations and directives to enforce the
centralized plan.
Quiz :Advantages of a Command Economy - Answer :In this type of system,
goods, services, and resources are deployed without concern for
environmental or other regulatory issues.
The government can transform the entire society to fit the constraints of its
national vision through nationalizing industry and deciding where workers will
be placed.
Quiz :Disadvantages of a Command Economy - Answer :Underlying black
market economies tend to develop as a response to difficult access to goods
and services.
Rationing commonly occurs due to poor planning and an inability to meet
societal demands.
People are discouraged from innovating and are required to follow orders and
keep with the central plan.
Quiz :Five key characteristics of a Market Economy - Answer :1. Privately-
owned goods and services are standard, and people and businesses have the
right to commercialize their property freely.
, 2. People can innovate, produce, sell, and purchase goods and services.
3. Prices, production, and job availability are driven by self-motivation and
competition, according to the laws of supply and demand.
4. The economy relies on market efficiency where producers and consumers
have access to the same information to make economic decisions.
5. Government interference is limited to regulating safety, fair access,
environmental, and national defense issues.
Quiz :Advantages of a Market Economy - Answer :Goods and services are
readily available because consumers and businesses have the freedom to
negotiate prices.
Production methods are efficient, which increases productivity and
profitability.
Innovation is rewarded and encouraged, benefiting the society.
Individuals and organizations invest in successful ventures, which in turn drive
innovation and quality improvement.
Quiz :Disadvantages of Market Economies - Answer :Competition drives
market economies, and, in many cases, there are not enough mechanisms
implemented to protect the underprivileged and disadvantaged.
There is a tendency for labor resources to be under-optimized because access
to education and skills improvement may not be affordable and accessible to
everyone.
There can be a sharp contrast between the economic power of the privileged
versus the power of the underprivileged. Society must decide between self-
interest and protecting the vulnerable in a climate where winners are
overvalued.
Quiz :Advantages of Mixed Economy - Answer :Goods and services are
distributed to where they are needed the most; therefore, prices are set by
supply and demand.
Competition incentivizes innovation and i,proves the quality of products and
services.
Goods and services are more available and accessible to those who are willing
to pay.
The role of the government is expanded to help ensure access for the
underprivileged.
Quiz :Disadvantages of a Mixed Economy - Answer :There could be too much
or not enough freedom of choice for individuals and organizations.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HELLENAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
