D089 OA Unit 1 | Complete Study Guide (Pass in 40 Minutes) скачать в хорошем качестве

D089 OA Unit 1 | Complete Study Guide (Pass in 40 Minutes)

📘 D089 Free Guide: https://oaguides.com/d089 🧪 Practice 50+ Questions: https://questions.oaguides.com/practi... 🧭 How to Pass the D089 OA: https://onlinedegreeblogs.com/how-to-... 📥 Need Support? Speak With a Tutor: https://oaguides.com/contact If you’re preparing for the WGU D089 – Principles of Economics OA, this video is your complete, exam-ready learning guide. Built directly from the full instructional script, this lesson explains economics from the ground up — not as abstract theory, but as a practical framework for understanding how individuals, businesses, governments, and entire societies make decisions under scarcity. This is not just about passing the exam. It’s about learning how economics actually works in real life — and how the OA expects you to apply that knowledge. 🎯 What You Will Learn in This Video By the end of this video, you’ll have a strong command of every core D089 concept, including: 🔹 1. What Economics Really Is You’ll learn: Why economics is the study of choices, not just money How scarcity creates the need for decision-making Why every economic problem begins with limited resources and unlimited wants How daily decisions (time, money, effort) are economic decisions This concept is the foundation of the entire course. 🔹 2. Scarcity & the Three Basic Economic Questions You’ll clearly understand: What to produce How to produce For whom to produce And how every economic system must answer these questions differently from small communities to entire nations. 🔹 3. The Ten Principles of Economics (High-Value Exam Topic) A complete breakdown of Greg Mankiw’s 10 principles, including: Tradeoffs & opportunity cost Rational decision-making at the margin Incentives and behavior Why trade benefits everyone How markets organize activity When government intervention helps Productivity and standard of living Inflation and money supply Inflation vs unemployment tradeoff (Phillips Curve) These principles connect nearly every OA question. 🔹 4. Opportunity Cost (One of the Most Tested Concepts) You’ll master: What opportunity cost really means Why it’s always the next best alternative, not everything you give up How opportunity cost applies to time, money, education, and government decisions How to spot hidden opportunity costs on exam questions 🔹 5. Positive vs Normative Economics You’ll learn to instantly identify: Positive statements (facts, testable claims) Normative statements (opinions, value judgments) Including exam clues like should, ought, better, and worse. 🔹 6. Economic Models & Thinking Like an Economist Understand: Why economists use models How models simplify reality to reveal key relationships Why models help test predictions and analyze policy impacts How models support decision-making without being “perfect” 🔹 7. Economic Systems (Core Comparison Topic) You’ll gain a clear comparison of: ✔ Traditional Economies Custom-based, stable, but resistant to change ✔ Command Economies Government-controlled, resource-mobilizing, but inefficient and innovation-poor ✔ Market Economies Price-driven, efficient, innovative, but unequal ✔ Mixed Economies Combination of market freedom and government intervention (used by most countries today) 🔹 8. Production Possibilities Frontier (PPF) A critical graphical concept for the OA: Efficient vs inefficient production Attainable vs unattainable points Opportunity cost shown by slope Law of increasing opportunity cost Economic growth and outward shifts of the PPF Technology vs resource-driven growth 🔹 9. Factors of Production & Payments You’ll learn the four factors of production: Land → Rent Labor → Wages Capital → Interest Entrepreneurship → Profit Plus how human capital and technology drive long-term economic growth. 🔹 10. Circular Flow Model Understand how money and resources move through the economy: Households & firms Goods and factor markets Income, spending, and production cycles Expanded model including government, trade, and financial markets 🎓 Perfect for WGU D089 OA Exam Prep This video covers everything the OA expects, including: Scarcity & choice Opportunity cost Economic systems PPF analysis Factors of production Circular flow Positive vs normative statements Economic principles & application If you want a single, complete study resource, this is it. ⭐ Why This Video Is Different You’re not memorizing definitions — you’re learning: How economists think How exam questions are structured How to analyze unfamiliar scenarios How to connect graphs, principles, and decisions This approach builds real understanding — not short-term memory. #D089 #WGUStudents #Economics #FoundationsOfEconomics #OpportunityCost #Scarcity #EconomicSystems #PPF #CircularFlowModel #WGUOA #EconomicsStudyGuide #EconomicsBasics