WGU D089 Study guides, Class notes & Summaries

WGU - D089 Principles of Economics Test 100% Accurate Economics -️️ The study of how humans make decisions in the face of scarcity. Factors of Production -️️ Describes theninputs used in the production of goods or services to make an economic profit. Macroeconomics -️️ A branch of economic dealing with the performance, structure, behavior and decision making of an economy as a whole. Microeconomics -️️ A branch of economics that studies the behavior of individuals, and fir...

WGU D089 Unit 2 Economic Way of Thinking Questions and Answers Rated A Economics studies human actions and decisions related to the production and distribution of scarce resources. There are two main areas of economics macroeconomics (focusing on large economic systems) and microeconomics (focusing on organizations and individuals). Individuals, organizations, governments, and countries must make decisions about how, what, and for whom to produce. The ten principles of economics are interrel...

WGU D089 Principles of Economics – TESTS Already Passed Which type of economy is characterized by a government that plans and controls all economic activity? Command Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government. What is an example of a normative economic statement? Marginal tax rates should be lowered on high-income individuals. Correct! A marginal tax rate is the amount of money an individual pays in taxes o...

WGU - D089 - Principles of Economics (2023/2024) Rated A Macroeconomics A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics 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 The basic economic problem; the gap between limited, scarce , resources and theoretically l...

Principles of Economics WGU D089 Questions With Complete Answers.

WGU D089: Module 1 Quizzes & Answers…

WGU - D089 - Principles of Economics Q & A Verified 100% Correct!!

Which type of economy is characterized by a government that plans and controls all economic activity? - correct answer Command Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government. What is an example of a normative economic statement? - correct answer Marginal tax rates should be lowered on high-income individuals. Correct! A marginal tax rate is the amount of money an individual pays in taxes on each additional...

A property owner has 500 acres of flat land and has been approached by two different businesses. One business wants to drill for oil, and the other wants to raise cattle - correct answer What to produce? A well-established company has been producing goods and wants to create a new line of production. The company needs to decide whether it should use a current factory or find a new location. - correct answer How to produce it? To address environmental concerns, Congress is considering a...