D089 module 2 Study guides, Class notes & Summaries

D089 - Module 1 CI Practice D089 Course Instructors have created this resource to help develop your knowledge of the concepts in Module 1. We recommend reading the material in your Acrobatiq text and watching the videos before working on the questions. Please note that these questions do not come from the actual assessment. Course Instructors are not privy to information on the assessment. If you have any questions, please feel free to reach out to us at . Points: 11/13 Correct 1/1 Poin...

Why is the concept of scarcity so important in economics? - ANSWER-Resources like time, money, land, and raw materials are in limited supply, and therefore you never have enough resources to meet all needs and desires. production possibilities frontier (PPF) - ANSWER-a diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available What does an individual's budget constraint identify? - ANSWER-All possible combina...

WGU D089: Module 1 Questions and Answers Graded A What are the three fundamental questions every economy must answer? Give an example of a "What" question. What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? Thinking about the next step or an additional action means for a person. Accordin...

D089 -Module 2 EXAM