Wgu d089 module 1 - Study guides, Class notes & Summaries

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...

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...

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...

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 Eco...

WGU D089: Module 1 Exam Questions and Answers

WGU D089: Module 1 Quizzes & Answers…

WGU D089 Module 1 Exam

WGU D089 - Module 1 with Complete Solutions Already Graded A capital - ️️ a factor of production that is made to produce other things (tools, equipment, etc.) circular flow diagram - ️️ a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a factor market entrepreneurship - ️️ a person who seeks to earn profits by finding new ways to organize factors of production (creating new products or ways of doing things) f...