Wgu c719 macroeconomics - Study guides, Class notes & Summaries

(Module 1) What is scarcity in economics and how does it influence choices? In economics scarcity means the inability to satisfy everyones wants as there are not sufficient resources to produce everything that people want, so scarcity forces us to CHOOSE the things we want most. (Economic models tools explain how economic systems deal with the basic problem of scarcity) A choice is a trade-offA choice that uses the available resources to best achieve the objective of the person making the ch...

WGU C719 Macroeconomics|89 Questions with 100% Correct Answers | Verified | Latest Update

WGU C719 Macroeconomics|89 Questions with 100% Correct Answers | Verified | Latest Update

C719 - Macroeconomics WGU Complete Solutions With Satisfactory Tests 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 ...

WGU C719 Macroeconomics 89 Questions with 100% Verified Correct Answers Latest Updated 2024

WGU C719 Macroeconomics 89 Questions with 100% Verified Correct Answers Latest Updated 2024

WGU C719 – Macroeconomics Questions And Answers 2023 Scarcity The inability to satisfy everyone's wants Microeconomics Study of individual and business choices in the economy Macroeconomics Study of the economy as a whole Opportunity cost The full value of the best alternative that is given up or forgone. Production possibilities curve Curve showing the various output combinations of two goods or groups of goods that can be produced in an economy with the available resources. Straigh...

WGU C719 Macroeconomics Study Guide Questions And Answers Scarcity limited quantities of resources to meet unlimited wants opportunity cost cost of the next best alternative use of money, time, or resources when one choice is made rather than another How does the production possibilities frontier illustrate the concept of trade-offs? when an economy is operating on the PPF curve it is efficient. It is not possible to produce more of one good without decreasing the amount produced for the o...

WGU C719 Macroeconomics Exam 3 Questions with answers.