C719 Study guides, Class notes & Summaries

The overriding reason why households and societies face many decisions is that - ️️resources are scarce When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing - ️️scarcity Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only ch...

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 What are the main foci of economics - ️️Consumption...

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

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 production of larger amounts of one g...

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

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 ...

C719 Personal Study Guide for Western Governors University

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 Exam 3 Questions with answers.

WGU C719 Macroeconomics Study Guide Questions And Answers Scarcity limited quantities of resources to meet unlimited wants opportunity cost cost of the next best alternative use of money, time, or resources when one choice is made rather than another How does the production possibilities frontier illustrate the concept of trade-offs? when an economy is operating on the PPF curve it is efficient. It is not possible to produce more of one good without decreasing the amount produced for the o...