WGU D089 (PRINCIPLES OF ECONOMICS) EXAM
WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS | ALREADY GRADED A+ |
100% GUARANTEED PASS | LATEST 2026/2027.
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Terms in this set (263)
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.
7th (Principles of Economics ) Government may be able to improve market
outcomes.
8th (Principles of Economics ) A nation's standard of living depends on its ability
to produce.
9th (Principles of Economics ) Printing too much money causes prices to rise.
WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS | ALREADY GRADED A+ |
100% GUARANTEED PASS | LATEST 2026/2027.
Save
Terms in this set (263)
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.
7th (Principles of Economics ) Government may be able to improve market
outcomes.
8th (Principles of Economics ) A nation's standard of living depends on its ability
to produce.
9th (Principles of Economics ) Printing too much money causes prices to rise.
