WGU C719

The value of the best alternative that is sacrificed to obtain something you want is a/an - Opportunity cost What is a graph that shows the various combinations of choices an individual can make with the resources available? - Choice curve The assumption that all resources are alike will produce a - straight line curve A curved production possibilities curve (PPC) changes the assumption that resources are - alike What explains how the production of larger amounts of one good leads to an i...

According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? - They will steadily increase. A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? - Production possibilities curve What are the main foci of economics? - Consumption, production, a...

In the car manufacturing industry, the supply for cars has a positive slope. What happens if the price of cars increases? The supply curve will shift right. The supply curve will shift left. The supply curve will change slope. There will be a movement along the supply curve. - There will be a movement along the supply curve. In the car manufacturing industry, the supply for cars has a positive slope. Which two factors can cause the supply curve to shift? A change in the price of cars A...

According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? - They will steadily increase A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? - Production possibilities curve What are the main foci of economics - Consumption, production, and u...

Economics is based on __________ because to understand the economy we must think about the choices made by individuals and businesses in the face of _________ of unlimited resources - Scarcity; Unavailability In Economics, scarcity means that: - there are not sufficient resources to produce everything that people want **The basic economic problem involves - scarce resources and unlimited wants. The phenomenon of scarcity stems from the fact that: - resources are limited (Resources, such as...