C719 macroeconomics wgu - Study guides, Class notes & Summaries

(Module 1) What is scarcity in economics and how does it influence choices? In economics scarcity means the inability to satisfy everyones wants as there are not sufficient resources to produce everything that people want, so scarcity forces us to CHOOSE the things we want most. (Economic models tools explain how economic systems deal with the basic problem of scarcity) A choice is a trade-offA choice that uses the available resources to best achieve the objective of the person making the ch...

WGU C719 Macroeconomics|89 Questions with 100% Correct Answers | Verified | Latest Update

Macroeconomics- WGU C719 Questions And Answers Graded A+ The value of the best alternative that is sacrificed to obtain something you want is a/an Opportunity cost What is a graph that shows the various combinations of choices an individual can make with the resources available? Choice curve The assumption that all resources are alike will produce a straight line curve A curved production possibilities curve (PPC) changes the assumption that resources are alike What explains how the pro...

C719 - Macroeconomics WGU Complete Solutions With Satisfactory Tests According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? They will steadily increase A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? Production possibilities curve ...

WGU C719 Macroeconomics|89 Questions with 100% Correct Answers | Verified | Latest Update

WGU C719 Macroeconomics 89 Questions with 100% Verified Correct Answers Latest Updated 2024

WGU C719 Macroeconomics 89 Questions with 100% Verified Correct Answers Latest Updated 2024

WGU C719 – Macroeconomics Questions And Answers 2023 Scarcity The inability to satisfy everyone's wants Microeconomics Study of individual and business choices in the economy Macroeconomics Study of the economy as a whole Opportunity cost The full value of the best alternative that is given up or forgone. Production possibilities curve Curve showing the various output combinations of two goods or groups of goods that can be produced in an economy with the available resources. Straigh...

WGU C719 Macroeconomics Practice Test with answers