WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
the pri c e at whi ch the q u a nt i t y d e ma nd e d i s e xa c t l y e q u a l to the
Market Pri ce
q u a nt i t y s u ppl i e d
an e c o no my i n whi ch mo re e f f o rt i s d e vo t e d t o the producti on of
Servi ce E conomy
s e rvi c e s t h a n t o the producti on of g o o d s
the s ys t e m of busi ness i n whi ch i nd i vi d u a l s a re f re e t o d e c i d e w h a t
F ree E nterpri se
to produce, h o w t o pro d u c e i t, a nd at what pri c e t o s e l l i t
Producti vi ty the a ve ra g e l evel of o u t pu t pe r w o rk e r pe r h o u r
1
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
the q u a nt i t y of a product that pro d u c e rs a re w i l l i ng t o s e l l a t each of
Suppl y
va ri o u s pri c e s
Gross D omesti c Product
the t o t a l d o l l a r va l u e of a l l g o o d s a nd s e rvi c e s pro d u c e d b y al l
peopl e w i t h i n the boundari es of a c o u nt ry d u ri ng a o ne - ye a r pe ri o d
GDP
the market si tuati on i n whi ch there are ma ny b u ye rs a nd s e l l e rs of a
Perf ect (or Pure) Competi ti on product, a nd no s i ng l e b u ye r o r s e l l e r i s po w e rf u l e no u g h t o
a f f e c t the pri c e of that product
E conomi cs the s t u d y o f how w e a l t h i s c re a t e d a nd d i s t ri b u t e d
2
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
D ef l ati on a g e ne ra l d e c re a s e i n the l evel of pri c e s
goods and servi ces pu rc h a s e d b y i nd i vi d u a l s f or pe rs o na l
Consumer Products
c o ns u mpt i o n
c re a t i ng a nd ma i nt a i ni ng the c o nd i t i o ns under whi ch h u ma ns a nd
Sustai nabi l i ty na t u re c a n e xi s t i n pro d u c t i ve h a rmo ny w h i l e f u l f i l l i ng the soci al ,
economi c, and other re q u i re me nt s of pre s e nt and f u t u re g e ne ra t i o ns
Unempl oyment Rate the pe rc e nt a g e o f a nati on's l a b o r f o rc e u ne mpl o ye d at any ti me
3
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
F e d e ra l R e s e rve 's deci si ons that d e t e rmi ne the si ze of the s u ppl y o f
Monetary Pol i ci es
mo ne y i n the nati on a nd the l e ve l o f i nt e re s t ra t e s
Mi croeconomi cs the s t u d y o f the d e c i s i o ns made b y i nd i vi d u a l s a nd b u s i ne s s e s
a s h o rt f a l l c re a t e d when the f e d e ra l g o v ernment s pe nd s mo re i n a
F ederal D ef i ci t
f i scal year t h a n i t re c e i ve s
a l oose, s u b j e c t i ve me a s u re of h o w w e l l o f f an i nd i vi d u a l o r a
Standard of Li vi ng s o c i e t y i s , mai nl y i n t e rms o f w a nt s a t i s f a c t i o n through goods and
servi ces
4
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
the pri c e at whi ch the q u a nt i t y d e ma nd e d i s e xa c t l y e q u a l to the
Market Pri ce
q u a nt i t y s u ppl i e d
an e c o no my i n whi ch mo re e f f o rt i s d e vo t e d t o the producti on of
Servi ce E conomy
s e rvi c e s t h a n t o the producti on of g o o d s
the s ys t e m of busi ness i n whi ch i nd i vi d u a l s a re f re e t o d e c i d e w h a t
F ree E nterpri se
to produce, h o w t o pro d u c e i t, a nd at what pri c e t o s e l l i t
Producti vi ty the a ve ra g e l evel of o u t pu t pe r w o rk e r pe r h o u r
1
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
the q u a nt i t y of a product that pro d u c e rs a re w i l l i ng t o s e l l a t each of
Suppl y
va ri o u s pri c e s
Gross D omesti c Product
the t o t a l d o l l a r va l u e of a l l g o o d s a nd s e rvi c e s pro d u c e d b y al l
peopl e w i t h i n the boundari es of a c o u nt ry d u ri ng a o ne - ye a r pe ri o d
GDP
the market si tuati on i n whi ch there are ma ny b u ye rs a nd s e l l e rs of a
Perf ect (or Pure) Competi ti on product, a nd no s i ng l e b u ye r o r s e l l e r i s po w e rf u l e no u g h t o
a f f e c t the pri c e of that product
E conomi cs the s t u d y o f how w e a l t h i s c re a t e d a nd d i s t ri b u t e d
2
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
D ef l ati on a g e ne ra l d e c re a s e i n the l evel of pri c e s
goods and servi ces pu rc h a s e d b y i nd i vi d u a l s f or pe rs o na l
Consumer Products
c o ns u mpt i o n
c re a t i ng a nd ma i nt a i ni ng the c o nd i t i o ns under whi ch h u ma ns a nd
Sustai nabi l i ty na t u re c a n e xi s t i n pro d u c t i ve h a rmo ny w h i l e f u l f i l l i ng the soci al ,
economi c, and other re q u i re me nt s of pre s e nt and f u t u re g e ne ra t i o ns
Unempl oyment Rate the pe rc e nt a g e o f a nati on's l a b o r f o rc e u ne mpl o ye d at any ti me
3
, WGU C711
WGU C711 Introduction - Intro toStudy
to Business Business
Guide Questions & Answers Exam Prep 2026–2027
Study this set o nline at: https://www.cram.co m/flashcards/wgu-c711-intro -to -
business-7370599
F e d e ra l R e s e rve 's deci si ons that d e t e rmi ne the si ze of the s u ppl y o f
Monetary Pol i ci es
mo ne y i n the nati on a nd the l e ve l o f i nt e re s t ra t e s
Mi croeconomi cs the s t u d y o f the d e c i s i o ns made b y i nd i vi d u a l s a nd b u s i ne s s e s
a s h o rt f a l l c re a t e d when the f e d e ra l g o v ernment s pe nd s mo re i n a
F ederal D ef i ci t
f i scal year t h a n i t re c e i ve s
a l oose, s u b j e c t i ve me a s u re of h o w w e l l o f f an i nd i vi d u a l o r a
Standard of Li vi ng s o c i e t y i s , mai nl y i n t e rms o f w a nt s a t i s f a c t i o n through goods and
servi ces
4
