1/29/25, 10:31 PM Principles of Economics - WGU D089 (2025)Actual Exam Test|Complete Questions With Verified Answers With Rationales (1…
Principles of Economics - WGU D089
(2025)Actual Exam Test|Complete Questions
With Verified Answers With Rationales (100%
Accurate Solutions)
Save
Terms in this set (263)
The study of how humans make decisions in the face
Economics
of scarcity.
Describes theninputs used in the production of
Factors of Production
goods or services to make an economic profit.
A branch of economic dealing with the
Macroeconomics performance, structure, behavior and decision
making of an economy as a whole.
A branch of economics that studies the behavior of
individuals, and firms in making decisions regarding
Microeconomics
the allocation of scarce resources and the
interactions among these individuals and firms.
The basic economic problem, the gap between
Scarcity limited, scarce, resources and theoretically limitless
wants
The next best alternative that is given up when a
Opportunity Cost
choice is made.
Thinking about what the next step or an additional
Think at the Margin
action means for a person.
The incremental increase in the benefit to a
Marginal Benefit consumer caused by the consumption of one
additional unit of a good or service.
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, 1/29/25, 10:31 PM Principles of Economics - WGU D089 (2025)Actual Exam Test|Complete Questions With Verified Answers With Rationales (1…
1st (Principles of Everyone faces tradeoffs
Economics )
2nd (Principles of The cost of something is determined by what you
Economics ) give up to get it.
3rd (Principles of Rational people think at the margin.
Economics )
4th (Principles of People respond to incentives.
Economics )
5th (Principles of Trade can benefit everyone.
Economics )
6th (Principles of Markets are a sound method of organizing
Economics ) economic activity.
7th (Principles of Government may be able to improve market
Economics ) outcomes.
8th (Principles of A nation's standard of living depends on its ability to
Economics ) produce.
9th (Principles of Printing too much money causes prices to rise.
Economics )
10th (Principles of There is short-run tradeoff between inflation and
Economics ) unemployment.
A system of the production, resource allocation, and
Economic Systems distribution of goods and services within a society
or give geographic area.
A economic system that relies on customs, history.
Traditional Economy and time-honored beliefs. Guides economic
decisions such as production and distribution.
An economic system in which production,
investment, prices, and incomes are determined
Command Economy centrally by a government.
(Centralized)
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Principles of Economics - WGU D089
(2025)Actual Exam Test|Complete Questions
With Verified Answers With Rationales (100%
Accurate Solutions)
Save
Terms in this set (263)
The study of how humans make decisions in the face
Economics
of scarcity.
Describes theninputs used in the production of
Factors of Production
goods or services to make an economic profit.
A branch of economic dealing with the
Macroeconomics performance, structure, behavior and decision
making of an economy as a whole.
A branch of economics that studies the behavior of
individuals, and firms in making decisions regarding
Microeconomics
the allocation of scarce resources and the
interactions among these individuals and firms.
The basic economic problem, the gap between
Scarcity limited, scarce, resources and theoretically limitless
wants
The next best alternative that is given up when a
Opportunity Cost
choice is made.
Thinking about what the next step or an additional
Think at the Margin
action means for a person.
The incremental increase in the benefit to a
Marginal Benefit consumer caused by the consumption of one
additional unit of a good or service.
https://quizlet.com/999018660/principles-of-economics-wgu-d089-2025actual-exam-testcomplete-questions-with-verified-answers-with-rationales-… 1/9
, 1/29/25, 10:31 PM Principles of Economics - WGU D089 (2025)Actual Exam Test|Complete Questions With Verified Answers With Rationales (1…
1st (Principles of Everyone faces tradeoffs
Economics )
2nd (Principles of The cost of something is determined by what you
Economics ) give up to get it.
3rd (Principles of Rational people think at the margin.
Economics )
4th (Principles of People respond to incentives.
Economics )
5th (Principles of Trade can benefit everyone.
Economics )
6th (Principles of Markets are a sound method of organizing
Economics ) economic activity.
7th (Principles of Government may be able to improve market
Economics ) outcomes.
8th (Principles of A nation's standard of living depends on its ability to
Economics ) produce.
9th (Principles of Printing too much money causes prices to rise.
Economics )
10th (Principles of There is short-run tradeoff between inflation and
Economics ) unemployment.
A system of the production, resource allocation, and
Economic Systems distribution of goods and services within a society
or give geographic area.
A economic system that relies on customs, history.
Traditional Economy and time-honored beliefs. Guides economic
decisions such as production and distribution.
An economic system in which production,
investment, prices, and incomes are determined
Command Economy centrally by a government.
(Centralized)
https://quizlet.com/999018660/principles-of-economics-wgu-d089-2025actual-exam-testcomplete-questions-with-verified-answers-with-rationales-… 2/9
