WGU D089: Module 1 Questions with Correct Answers 100% Verified By Experts| Latest
Update Guaranteed Success
Advantages of a mixed economy Goods and services are distributed where needed, prices
are set by supply and demand, competition capitalizes on innovation, Goods/Services are more
accessible to those willing to pay, Government role is expanded to help ensure access for the
underprivileged.
Disadvantages of Mixed economy Emerge when too much emphasis on goals of a particular
market, could be too much or not enough freedom, the government may take an expanded
role, businesses may influence government
Disadvantage of mixed economy Freedom of choice can fluctuate from too much to too
little
Explain one of the advantages of the Mixed Market Goods and services are distributed
where needed most, competition incentivizes innovation, goods/services are more available,
and the government is expanded to help the underprivileged.
Microeconomics the study of how households and firms make decisions and how they
interact in markets
Macroeconomics the study of the economy as a whole, including topics such as inflation,
unemployment, and economic growth
How are macroeconomics and microeconomics different Microeconomics focuses on the
actions of individual agents like households, workers, and businesses and Macroeconomics
looks at the economy as a whole and focuses on broad issues like the growth of production, #
of unemployed, increased inflation, government deficits, and levels of exports, and imports.
positive economics the branch of economic analysis that describes the way the economy
actually works
, normative economics The part of economics involving value judgments about what the
economy should be like; focused on which economic goals and policies should be implemented;
policy economics.
What economic framework would a student use to study inflation in a county over the past
year? Macroeconomics
Economic Model a simplified version of the economy that allows people to observe,
understand, and make predictions about economic behavior.
economic indicators statistics that measure variables in the economy
Economic reasoning used in deciding among public policy goals Normative statements
because fairness of outcomes should be considered.
Example of a normative statement "The government should increase the state pension"
It cannot be proved.
4 categories for factors of production Natural Resources
Labor
Capital
Entrepreneur
Natural Resources Things found in nature can be used to produce goods and services,
examples are land, minerals and petroleum
Labor The human effort that can be applied to the production of goods and services.
Update Guaranteed Success
Advantages of a mixed economy Goods and services are distributed where needed, prices
are set by supply and demand, competition capitalizes on innovation, Goods/Services are more
accessible to those willing to pay, Government role is expanded to help ensure access for the
underprivileged.
Disadvantages of Mixed economy Emerge when too much emphasis on goals of a particular
market, could be too much or not enough freedom, the government may take an expanded
role, businesses may influence government
Disadvantage of mixed economy Freedom of choice can fluctuate from too much to too
little
Explain one of the advantages of the Mixed Market Goods and services are distributed
where needed most, competition incentivizes innovation, goods/services are more available,
and the government is expanded to help the underprivileged.
Microeconomics the study of how households and firms make decisions and how they
interact in markets
Macroeconomics the study of the economy as a whole, including topics such as inflation,
unemployment, and economic growth
How are macroeconomics and microeconomics different Microeconomics focuses on the
actions of individual agents like households, workers, and businesses and Macroeconomics
looks at the economy as a whole and focuses on broad issues like the growth of production, #
of unemployed, increased inflation, government deficits, and levels of exports, and imports.
positive economics the branch of economic analysis that describes the way the economy
actually works
, normative economics The part of economics involving value judgments about what the
economy should be like; focused on which economic goals and policies should be implemented;
policy economics.
What economic framework would a student use to study inflation in a county over the past
year? Macroeconomics
Economic Model a simplified version of the economy that allows people to observe,
understand, and make predictions about economic behavior.
economic indicators statistics that measure variables in the economy
Economic reasoning used in deciding among public policy goals Normative statements
because fairness of outcomes should be considered.
Example of a normative statement "The government should increase the state pension"
It cannot be proved.
4 categories for factors of production Natural Resources
Labor
Capital
Entrepreneur
Natural Resources Things found in nature can be used to produce goods and services,
examples are land, minerals and petroleum
Labor The human effort that can be applied to the production of goods and services.
