Wgu c718 v - Study guides, Class notes & Summaries

WGU C718 vocabulary CORRECTLY ANSWERED GRADED A 2023 absolute advantage - CORRRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRRECT ANSWER additional costs incurred by third parties outside the production process when a unit of ou...

absolute advantage - CORRRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRRECT ANSWER additional costs incurred by third parties outside the production process when a unit of output is produced adverse selection - CORRRECT ANSWER w...

WGU C718 vocabulary absolute advantage - CORRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRECT ANSWER additional costs incurred by third parties outside the production process when a unit of output is produced adverse selection - C...

Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin - Correct the current level of an activity choice at the margin - Co...

WGU Microeconomics C718 Exam Questions & Answers Verified & Updated Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin...

WGU Microeconomics C718 Exam Questions & Answers Verified & Updated Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin...

2023 WGU C718 vocabulary CORRECTLY ANSWERED GRADED A

absolute advantage - CORRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRECT ANSWER additional costs incurred by third parties outside the production process when a unit of output is produced adverse selection - CORRECT ANSWER when th...

WGU C718 vocabulary Exam 2023 Well Explained ...