D089 study guide - Study guides, Class notes & Summaries

1. What are the three fundamental questions every economy must answer? Give an example of a “What” question. What to produce, how it will be produced, and for whom the goods or services are produced. What to produce example: What to produce to feed farm animals? 2. What do economists mean when they say that people “think at the margin”? People will think about what the next step or additional action means for them. (Principle 3) 3. According to the 10 Principles of Economics...

Macroeconomics - CORRECT ANSWER A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - CORRECT 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 Scarcity - CORRECT ANSWER The basic economic problem; the gap between limited, scarce , resources and theoretically l...

How are Positive and Normative economics different from each other? - Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - The resources the economy has available to produce goods and services How can Labor's contribution to an economy's output of goods and services be increased? - By increasing either the quantity of labor of human capital. What are two keys to the use of an ec...

which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products - mixed which economies have characteristics of all the economic systems with market system being the most prevalent - mixed a company that f...

WGU D089 Principles of Economics Exam Study Guide | Questions with 100% Correct Answers | Latest Update 2024 | Verified

ECON D089 - Study Guide Questions Module 1-9 Principles of Economics 2021/2022 Study Guide

ECON D089 - Study Guide Questions Module 1-9 Principles of Economics 2021/2022 Study Guide

ECON D089 - Study Guide Questions Module 1-9 Principles of Economics 2021/2022 Study Guide

ECON D089 - Study Guide Questions Module 1-9 Principles of Economics 2021/2022 Study Guide