WGU D089 Module 1 UPDATED ACTUAL
Exam Question and Answer (2026/2027) |
100% Verified Answers
• capital . CORRECT ANSWER: a factor of production that is made to produce
other things (tools, equipment, etc.)
• circular flow diagram . CORRECT ANSWER: a diagram that views the
economy as consisting of households and firms interacting in a goods and services
market and a factor market
• entrepreneurship . CORRECT ANSWER: a person who seeks to earn profits by
finding new ways to organize factors of production (creating new products or ways
of doing things)
• factors of production . CORRECT ANSWER: the resources available to the
economy for the production of goods and services (Land, Labor, Capital, and
Entrepreneurship)
• goods and services market . CORRECT ANSWER: a market in which firms are
sellers of what they produce and households are buyers
• human capital . CORRECT ANSWER: the skills a worker has as a result of
education, training, or experience that can be used in production
• labor . CORRECT ANSWER: the human effort that can be applied to the
production of goods and services (workers working)
• macroeconomics . CORRECT ANSWER: the branch of economics that focuses
on broad issues such as growth, unemployment, inflation, and trade balance
• microeconomics . CORRECT ANSWER: the study of how households and firms
make decisions and how they interact in markets
• What are the three fundamental questions every economy must answer? .
CORRECT ANSWER: 1. What to produce
2. How to produce it
3. For whom to produce it
Exam Question and Answer (2026/2027) |
100% Verified Answers
• capital . CORRECT ANSWER: a factor of production that is made to produce
other things (tools, equipment, etc.)
• circular flow diagram . CORRECT ANSWER: a diagram that views the
economy as consisting of households and firms interacting in a goods and services
market and a factor market
• entrepreneurship . CORRECT ANSWER: a person who seeks to earn profits by
finding new ways to organize factors of production (creating new products or ways
of doing things)
• factors of production . CORRECT ANSWER: the resources available to the
economy for the production of goods and services (Land, Labor, Capital, and
Entrepreneurship)
• goods and services market . CORRECT ANSWER: a market in which firms are
sellers of what they produce and households are buyers
• human capital . CORRECT ANSWER: the skills a worker has as a result of
education, training, or experience that can be used in production
• labor . CORRECT ANSWER: the human effort that can be applied to the
production of goods and services (workers working)
• macroeconomics . CORRECT ANSWER: the branch of economics that focuses
on broad issues such as growth, unemployment, inflation, and trade balance
• microeconomics . CORRECT ANSWER: the study of how households and firms
make decisions and how they interact in markets
• What are the three fundamental questions every economy must answer? .
CORRECT ANSWER: 1. What to produce
2. How to produce it
3. For whom to produce it
