WGU - D089 Principles of Economics With complete
solu on 100% verified correct New 2025/2026
Economics - Correct Answers The study of how humans make decisions in the face of scarcity.
Factors of Produc on - Correct Answers Describes theninputs used in the produc on of
goods or services to make an economic profit.
Macroeconomics - Correct Answers A branch of economic dealing with the performance,
structure, behavior and decision making of an economy as a whole.
Microeconomics - Correct Answers A branch of economics that studies the behavior of
individuals, and firms in making decisions regarding the alloca on of scarce resources and the
interac ons among these individuals and firms.
Scarcity - Correct Answers The basic economic problem, the gap between limited, scarce,
resources and theore cally limitless wants
Opportunity Cost - Correct Answers The next best alterna ve that is given up when a choice
is made.
Think at the Margin - Correct Answers Thinking about what the next step or an addi onal
ac on means for a person.
Marginal Benefit - Correct Answers The incremental increase in the benefit to a consumer
caused by the consump on of one addi onal unit of a good or service.
1st (Principles of Economics ) - Correct Answers Everyone faces tradeoffs
,2nd (Principles of Economics ) - Correct Answers The cost of something is determined by
what you give up to get it.
3rd (Principles of Economics ) - Correct Answers Ra onal people think at the margin.
4th (Principles of Economics ) - Correct Answers People respond to incen ves.
5th (Principles of Economics ) - Correct Answers Trade can benefit everyone.
6th (Principles of Economics ) - Correct Answers Markets are a sound method of organizing
economic ac vity.
7th (Principles of Economics ) - Correct Answers Government may be able to improve market
outcomes.
8th (Principles of Economics ) - Correct Answers A na on's standard of living depends on its
ability to produce.
9th (Principles of Economics ) - Correct Answers Prin ng too much money causes prices to
rise.
10th (Principles of Economics ) - Correct Answers There is short-run tradeoff between
infla on and unemployment.
Economic Systems - Correct Answers A system of the produc on, resource alloca on, and
distribu on of goods and services within a society or give geographic area.
, Tradi onal Economy - Correct Answers A economic system that relies on customs, history.
and me-honored beliefs. Guides economic decisions such as produc on and distribu on.
Command Economy - Correct Answers An economic system in which produc on,
investment, prices, and incomes are determined centrally by a government.
(Centralized)
Market Economy - Correct Answers An economic system in which the decisions regarding
investment, produc on, and distribu on are guided by the price signals created by the forces of
supply and demand
(Decentralized)
Mixed Economy - Correct Answers An economic system in which both private enterprise and
a degree of state monopoly (usually in public services, defense, infrastructure, and basic
industries) coexist.
Posi ve Economics - Correct Answers The study of economics concerned with what is and
what will happen if a course of ac on is taken or not taken.
Norma ve Economics - Correct Answers The study of economics with what is and what will
happen if a course of ac on is taken or not taken.
Economic Models - Correct Answers A simplified version of reality that allows people to
observe, understand and make predic ons about economic behavior.
Economic Indicators - Correct Answers A sta s c about an economic ac vity.
solu on 100% verified correct New 2025/2026
Economics - Correct Answers The study of how humans make decisions in the face of scarcity.
Factors of Produc on - Correct Answers Describes theninputs used in the produc on of
goods or services to make an economic profit.
Macroeconomics - Correct Answers A branch of economic dealing with the performance,
structure, behavior and decision making of an economy as a whole.
Microeconomics - Correct Answers A branch of economics that studies the behavior of
individuals, and firms in making decisions regarding the alloca on of scarce resources and the
interac ons among these individuals and firms.
Scarcity - Correct Answers The basic economic problem, the gap between limited, scarce,
resources and theore cally limitless wants
Opportunity Cost - Correct Answers The next best alterna ve that is given up when a choice
is made.
Think at the Margin - Correct Answers Thinking about what the next step or an addi onal
ac on means for a person.
Marginal Benefit - Correct Answers The incremental increase in the benefit to a consumer
caused by the consump on of one addi onal unit of a good or service.
1st (Principles of Economics ) - Correct Answers Everyone faces tradeoffs
,2nd (Principles of Economics ) - Correct Answers The cost of something is determined by
what you give up to get it.
3rd (Principles of Economics ) - Correct Answers Ra onal people think at the margin.
4th (Principles of Economics ) - Correct Answers People respond to incen ves.
5th (Principles of Economics ) - Correct Answers Trade can benefit everyone.
6th (Principles of Economics ) - Correct Answers Markets are a sound method of organizing
economic ac vity.
7th (Principles of Economics ) - Correct Answers Government may be able to improve market
outcomes.
8th (Principles of Economics ) - Correct Answers A na on's standard of living depends on its
ability to produce.
9th (Principles of Economics ) - Correct Answers Prin ng too much money causes prices to
rise.
10th (Principles of Economics ) - Correct Answers There is short-run tradeoff between
infla on and unemployment.
Economic Systems - Correct Answers A system of the produc on, resource alloca on, and
distribu on of goods and services within a society or give geographic area.
, Tradi onal Economy - Correct Answers A economic system that relies on customs, history.
and me-honored beliefs. Guides economic decisions such as produc on and distribu on.
Command Economy - Correct Answers An economic system in which produc on,
investment, prices, and incomes are determined centrally by a government.
(Centralized)
Market Economy - Correct Answers An economic system in which the decisions regarding
investment, produc on, and distribu on are guided by the price signals created by the forces of
supply and demand
(Decentralized)
Mixed Economy - Correct Answers An economic system in which both private enterprise and
a degree of state monopoly (usually in public services, defense, infrastructure, and basic
industries) coexist.
Posi ve Economics - Correct Answers The study of economics concerned with what is and
what will happen if a course of ac on is taken or not taken.
Norma ve Economics - Correct Answers The study of economics with what is and what will
happen if a course of ac on is taken or not taken.
Economic Models - Correct Answers A simplified version of reality that allows people to
observe, understand and make predic ons about economic behavior.
Economic Indicators - Correct Answers A sta s c about an economic ac vity.
