C718 Study guides, Class notes & Summaries

WGU Microeconomics C718 Sarah's Questions Module #1-12 with Complete Solutions WGU Microeconomics C718 Sarah's Questions Module #1-12 with Complete Solutions WGU Microeconomics C718 Sarah's Questions Module #1-12 with Complete Solutions 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 int...

Microeconomics - C718 WGU 2023 Correct Questions & Answers 100% CorrectMicroeconomics - C718 WGU 2023 Correct Questions & Answers 100% CorrectMicroeconomics - C718 WGU 2023 Correct Questions & Answers 100% CorrectEconomics - ANSWER the study of how people, individually and through institutions, make decisions about producing and consuming goods and services, and how they face the problem of scarcity. Focuses on opportunity costs, the assumption of maximization in terms of ones own self interest,...

WGU C718 Full Study Guide Questions & Answers 100% CorrectWGU C718 Full Study Guide Questions & Answers 100% CorrectWGU C718 Full Study Guide Questions & Answers 100% CorrectWGU C718 Full Study Guide Questions & Answers 100% Correct What is the definition of economics? - ANSWER the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - ANSWER Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting pr...

WGU C718 VOCABULARY 2024 QUESTIONS WITH COMPLETE ANSWERS ALREADY PASSED AND GRADED A+ absolute advantage - CORRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRECT ANSWER additional costs incurred by third parties outside the produ...

WGU C718 Microeconomics Module #1-12: Questions & Answers

WGU C718 Microeconomics Module #1-12: Questions And Answers

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 C718 Microeconomics Module #1-12 Questions With 100% Correct Answers 2023