Wgu d089 - Study guides, Class notes & Summaries

WGU - D089 - Principles of Economics (2023/2024) Rated A Macroeconomics A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics 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 The basic economic problem; the gap between limited, scarce , resources and theoretically l...

WGU D089 Principles of Economics – Questions With Complete Solutions

WGU - D089 - Principles of Economics Questions and Answers Rated A+ How are Positive and Normative economics different from each other? Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? 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? By increasing either the quantity of labor ...

WGU - D089 Principles of Economics Latest Update Graded A Economics The study of how humans make decisions in the face of scarcity. Factors of Production Describes theninputs used in the production of goods or services to make an economic profit. Macroeconomics A branch of economic dealing with the performance, structure, behavior and decision making of an economy as a whole. Microeconomics A branch of economics that studies the behavior of individuals, and firms in making decisions regarding...

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WGU D089 Principles of Economics – Questions & Answers

D089 PRINCIPLES OF ECONOMICS FALL SEMESTER WGU (WESTERN GOVERNORS UNIVERSITY) LEAKED NOVEMBER EXAMS 2023 ALREADY ANSWERED

WGU D089 - Principles of Economics

WGU - D089 - PRINCIPLES OF ECONOMICS EXAM 2024/2025 WITH 100% CORRECT ANSWERS How are Positive and Normative economics different from each other? - correct answer Positive economics clearly states and economic issue, and normative economics provides the value-based solution for the issue. What are factors of production? - correct 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 service...

WGU D089 Principles of Economics Questions and Answers 100% Pass Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity Absolute Quota Strictly limiting the quantity of goods that may enter a country Accounting Profit Total revenues minus explicit costs, including depreciation Acquisition When one firm purchases another Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...