Microeconomics -Micro eco no mics - WGU FPC1
WGU FPC1
Study this set o nline at: https://www.cram.co m/flashcards/micro eco no mics-wgu-fpc1-
5820671
Scarci ty T he condi ti on that ari ses because wants exceed the abi l i ty of resources
Scarcit y to sati sf y them.
T he soci al sci ence that studi es the choi ces that i ndi vi dual s, busi nesses,
Econom ics governments, and enti re soci eti es make as they cope wi th scarci ty, the i ncenti ves
that i nf l uence those choi ces, and the arrangements that coordi nate them.
T he study of the choi ces that i ndi vi dual s and busi nesses make and the way these
choi ces i nteract and are i nf l uenced by governments.
Microeconom ics S ome exa mples of micr oeconomic ques tions a r e: Will you buy a 3-D televis ion or a s ta nda r d one?
Will Nintendo s ell mor e units of Wii if it cuts the pr ice? Will a cut in the income ta x r a te encour a g e
people to wor k long er hour s ?
T he study of the aggregate (or total ) ef f ects on the nati onal economy and the
Macroeconom ics gl obal economy of the choi ces that i ndi vi dual s, busi nesses, and governments
make.
, Microeconomics -Micro eco no mics - WGU FPC1
WGU FPC1
Study this set o nline at: https://www.cram.co m/flashcards/micro eco no mics-wgu-fpc1-
5820671
1 - H ow do choi ces end up determi ni ng what, how, and f or whom goods and
servi ces get produced?
2 Big Quest ions 2 - When do choi ces made i n the pursui t of sel f -i nterest al so promote the soci al
i nterest?
T he obj ects (goods) and the acti ons (servi ces) that peopl e val ue and produce to
Good and Services sati sf y human wants.
Self- I nt erest T he choi ces that are best f or the i ndi vi dual who makes them.
Social I nt erest T he choi ces that are best f or soci ety as a whol e.
WGU FPC1
Study this set o nline at: https://www.cram.co m/flashcards/micro eco no mics-wgu-fpc1-
5820671
Scarci ty T he condi ti on that ari ses because wants exceed the abi l i ty of resources
Scarcit y to sati sf y them.
T he soci al sci ence that studi es the choi ces that i ndi vi dual s, busi nesses,
Econom ics governments, and enti re soci eti es make as they cope wi th scarci ty, the i ncenti ves
that i nf l uence those choi ces, and the arrangements that coordi nate them.
T he study of the choi ces that i ndi vi dual s and busi nesses make and the way these
choi ces i nteract and are i nf l uenced by governments.
Microeconom ics S ome exa mples of micr oeconomic ques tions a r e: Will you buy a 3-D televis ion or a s ta nda r d one?
Will Nintendo s ell mor e units of Wii if it cuts the pr ice? Will a cut in the income ta x r a te encour a g e
people to wor k long er hour s ?
T he study of the aggregate (or total ) ef f ects on the nati onal economy and the
Macroeconom ics gl obal economy of the choi ces that i ndi vi dual s, busi nesses, and governments
make.
, Microeconomics -Micro eco no mics - WGU FPC1
WGU FPC1
Study this set o nline at: https://www.cram.co m/flashcards/micro eco no mics-wgu-fpc1-
5820671
1 - H ow do choi ces end up determi ni ng what, how, and f or whom goods and
servi ces get produced?
2 Big Quest ions 2 - When do choi ces made i n the pursui t of sel f -i nterest al so promote the soci al
i nterest?
T he obj ects (goods) and the acti ons (servi ces) that peopl e val ue and produce to
Good and Services sati sf y human wants.
Self- I nt erest T he choi ces that are best f or the i ndi vi dual who makes them.
Social I nt erest T he choi ces that are best f or soci ety as a whol e.
