WGU D089 Study guides, Class notes & Summaries

economics - Answer study of choice under conditions of scarcity macroeconomics - Answer national/global economies microeconomics - Answer businesses/individuals 3 basic economic questions - Answer -what to produce -how it will be produced -whom will it be produced for traditional economy - Answer traditions, beliefs, and customs command economy - Answer government makes all decisions market economy - Answer decisions based on consumer demand mixed economy - ...

What are the three fundamental questions every economy must answer? Give an example of a "What" question. - Answer What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? - Answer Thinking about the next step or an additional action means for a person. According to the 10 Principles of...

comparative advantage - Answer the ability of a party to produce one particular good or service at a lower opportunity cost versus another Protectionism - Answer a policy of protecting the domestic producers of products by imposing tariffs, , quotas, or other barriers on imports. absolute advantage - Answer the ability to produce a good using fewer inputs than another producer Production Possibilities Frontier (PPF) - Answer a curve showing the maximum attainable combinations of...

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 - Answer 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 - Answer mixed which economies have characteristics of all the economic systems with market system being the most prevalent - Answe...

What is frictional unemployment? - Answer Between jobs, moving towards a better job. (Module 7) What is structural unempoyment? - Answer Job eliminated, accumulated experience is no longer valued in the labor market. What is cyclical unemployment? - Answer Laid off due to a recession How do you calculate the unemployment rate? - Answer (# of unemployed/labor force) x 100 How do you calculate the labor force participation rate? - Answer (labor force / population) x 100 Wh...

Which type of economy is characterized by a government that plans and controls all economic activity? - 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? - 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 dollar earned. ...

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

How are Positive and Normative economics different from each other? - Answer Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - Answer 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? - Answer By increasing either the quantity of labor of human capital. What are t...

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

What are the three fundamental questions every economy must answer? Give an example of a "What" question. - Answer What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? - Answer Thinking about the next step or an additional action means for a person. According to the 10 Principles of...