Economics Fundamentals Q&A: Key Concepts & Systems

Principles Of Economics WGU D089 Questions x x x x x




with verified detailed correct answers latest
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x update 2025 x




economic systems --- correct precise answers ---a system of thr
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x production, resource allocation, and distribution of goods and services
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x within a society or given geographic area
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traditional economy --- correct precise answers ---a system where
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x individuals make decisions based on traditions, beliefs. and customs
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command economy/centralized --- correct precise answers ---System
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x where government makes all decisions
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market economy/decentralized --- correct precise answers ---A
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x system where businesses make decisions based on consumer demand
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mixed economy --- correct precise answers ---a system where
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x businesses make decisions based on consumer demand, but the
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x government makes decisions in terms of regulations, consumer safety,
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x and environment
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,5 key characteristics of traditional economy --- correct precise
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x answers ---1-centered around family/tribe. 2-hunter/gatherer and
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x nomadic society 3- trade on barter rather than $ 4- produce only what
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x is needed surplus is rare 5- eventually change from trade to type of
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x currency



advantage to a traditional economy --- correct precise answers ---
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x little competition or friction among members, roles and contributions
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x are well understood, can be more sustainable than tech based
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x economy



disadvantages of traditional economy --- correct precise answers --- x x x x x x x x




x exposed to environmental changes and weather patterns, vulnerable
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x to market or command economies which consume and deplete the
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x resources of traditional economies x x x




5 characteristics of command economy --- correct precise answers ---
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x 1-economic activity is planned and controlled by centralized gov
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x power 2- gov decides how to use/distribute nations
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x natural/capital/labor resources 3- nations central power controls the x x x x x x x




x priorities for how goods and services will be produced and
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x distributed. 4- domestic comp is overpowered as gov monopolized
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x bus. considered essential for economic goals ex utilities/finances/auto
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, comp 5- business required to follow specific hiring/production targets
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x set by gov. regardless and directives to enforce centralized plan
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a newspaper is trying to help citizens understand economic principles.
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x which misconception should they address --- correct precise answers
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---increasing the money supply raises the standard of living for x x x x x x x x x




x consumers in the long run x x x x




less money in the economy reduces consumer spending reflects what
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x type of relationship --- correct precise answers ---relationship
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x between short run inflation and unemployment
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as a result of a hard freeze, the price of cherries increases.. is an
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x example of what type of economics --- correct precise answers ---
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x microeconomics



Forms of Intellectual Property is a characteristic of what --- correct
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x precise answers ---capital x x




why is circular flow model used --- correct precise answers ---to
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x describe the interaction of businesses and households in markets
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