D089 / D 089 Final Exam Study guide (Latest Update
) Principles of Economics | Questions and
Answers | Grade A | 100 out of 100
- WGU
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 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 limitless wants
Opportunity Cost
The next best alternative that is given up when a choice is made.
Think at the Margin
Thinking about what the next step or an additional action means for a person.
Marginal Benefit
The incremental increase in the benefit to a consumer caused by the consumption
of one additional unit of a good or service.
1st (Principles of Economics )
Everyone faces tradeoffs
, 2nd (Principles of Economics )
The cost of something is determined by what you give up to get it.
3rd (Principles of Economics )
Rational people think at the margin.
4th (Principles of Economics )
People respond to incentives.
5th (Principles of Economics )
Trade can benefit everyone.
6th (Principles of Economics )
Markets are a sound method of organizing economic activity.
) Principles of Economics | Questions and
Answers | Grade A | 100 out of 100
- WGU
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 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 limitless wants
Opportunity Cost
The next best alternative that is given up when a choice is made.
Think at the Margin
Thinking about what the next step or an additional action means for a person.
Marginal Benefit
The incremental increase in the benefit to a consumer caused by the consumption
of one additional unit of a good or service.
1st (Principles of Economics )
Everyone faces tradeoffs
, 2nd (Principles of Economics )
The cost of something is determined by what you give up to get it.
3rd (Principles of Economics )
Rational people think at the margin.
4th (Principles of Economics )
People respond to incentives.
5th (Principles of Economics )
Trade can benefit everyone.
6th (Principles of Economics )
Markets are a sound method of organizing economic activity.
