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Bundle for WGU C718 Exams Compilation | Verified | Guaranteed Success
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[Show more]Bundle for WGU C718 Exams Compilation | Verified | Guaranteed Success
[Show more]Which concept relates to limited resources? - Scarcity 
What does fresh water costing more than gas exemplify? - Scarcity (example) 
Which characteristic is a part of a market economy? 
a-Hereditary customary roles 
b-Government-created mandate 
c-Private property rights 
d-Past family traditions - ...
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Add to cartWhich concept relates to limited resources? - Scarcity 
What does fresh water costing more than gas exemplify? - Scarcity (example) 
Which characteristic is a part of a market economy? 
a-Hereditary customary roles 
b-Government-created mandate 
c-Private property rights 
d-Past family traditions - ...
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 interest. 
E. The population keeps growing....
Preview 4 out of 68 pages
Add to cart1-1 - 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 interest. 
E. The population keeps growing....
What is the definition of economics? - the study of how humans make decisions in the face 
of scarcity 
What are economic and accounting profits? - Accounting - profit computed using only 
explicit costs 
Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit a...
Preview 3 out of 30 pages
Add to cartWhat is the definition of economics? - the study of how humans make decisions in the face 
of scarcity 
What are economic and accounting profits? - Accounting - profit computed using only 
explicit costs 
Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit a...
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