Microeconomics wgu exam - Study guides, Class notes & Summaries

WGU C201 - Business Acumen. Exam Review Questions and answers, 100% Accurate. Rated A+ microeconomics - -study of small economic units, such as individual consumers, families, and businesses. demand - -willingness and ability of buyers to purchase goods and services Supply - -willingness and ability of sellers to provide goods and services. Economics - -social science that analyzes the choices people and governments make in allocating scarce resources. Supply curve - -shows the rela...

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 C201 | Business Acumen | Chapter 3 Exam With 100% Correct Answers

WGU C201 Business Acumen Exam Questions With Complete Solution In the United States, changes in price levels are tracked by the____________, which measures the monthly average changes in prices of goods and services. - CORRECT ANSWERS CPI The term used to describe the study of the overall operations of an economy and its various components is known as__________ - CORRECT ANSWERS macroeconomics _________ refers to the study of the economic...

WGU C201 Business Acumen Exam Questions With Complete Solution In the United States, changes in price levels are tracked by the____________, which measures the monthly average changes in prices of goods and services. - CORRECT ANSWERS CPI The term used to describe the study of the overall operations of an economy and its various components is known as__________ - CORRECT ANSWERS macroeconomics _________ refers to the study of the economic a...

WGU C201 BUSINESS ACUMEN EXAM QUESTIONS AND CORRECT ANSWERS 2023. 1. Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? a. Evaluating results 2. What is the result of a company increasing the delegation of authority and the span of control? a. Increased number of direct reports per manager 3. Which 2 key elements does an effective organization include? a. Human interaction, structure 4...

WGU C201 | Business Acumen | Chapter 3ACTUAL EXAM CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Planned economies: communism and socialism - ANSWER-In a planned economy, the government's control determines business ownership, profits, and resource allocation to accomplish government goals rather than goals of individuals. Under communism, all property is shared equally by the people of a community under the direction of a strong central government. Under sociali...