D089 module 10 - Study guides, Class notes & Summaries

comparative advantage - Answer the ability of a party to produce one particular good or service at a lower opportunity cost versus another Protectionism - Answer a policy of protecting the domestic producers of products by imposing tariffs, , quotas, or other barriers on imports. absolute advantage - Answer the ability to produce a good using fewer inputs than another producer Production Possibilities Frontier (PPF) - Answer a curve showing the maximum attainable combinations of...

comparative advantage - Answer the ability of a party to produce one particular good or service at a lower opportunity cost versus another Protectionism - Answer a policy of protecting the domestic producers of products by imposing tariffs, , quotas, or other barriers on imports. absolute advantage - Answer the ability to produce a good using fewer inputs than another producer Production Possibilities Frontier (PPF) - Answer a curve showing the maximum attainable combinations of...

D089 Module 10

What are the three fundamental questions every economy must answer? Give an example of a "What" question. - Answer- 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"? - Answer- Thinking about the next step or an additional action means for a person. According to the 10 Principles of E...

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...

WGU D089: Module 1 Quizzes & Answers…

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. According to the 10 Principles of Economics, what d...