WGU C718

What is the definition of economics? - the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an oligopoly? - 1) few firms 2) barriers to entry What are the characteristics o...

1-1 - Scarcity results from the fact that A. People's wants exceed the resources available to satisfy them. B. Not all goals are desirable. C. We cannot answer the major economic questions. D. Choices made in self-interest are not always in the social interest. E. The population keeps growing. - A. People's wants exceed the resources available to satisfy them. 2 All economic questions and problems arise from- - 1-2 - All economic questions and problems arise from A. The fact that soc...

Which concept relates to limited resources? - Scarcity What does fresh water costing more than gas exemplify? - Scarcity (example) Which characteristic is a part of a market economy? a-Hereditary customary roles b-Government-created mandate c-Private property rights d-Past family traditions - c-Private property rights A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying. When is this student making this decision, acco...