Economics 101

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Questions and Answers

What is the focus of microeconomics?

Microeconomics focuses on the behavior and interactions of economic agents and how economies work.

What are some examples of individual agents in economics?

Some examples of individual agents in economics are households, firms, buyers, and sellers.

What does macroeconomics analyze?

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.

What are the broad distinctions within economics?

The broad distinctions within economics include those between positive economics and normative economics, between economic theory and applied economics, and between rational and behavioral economics. Signup and view all the answers

What does normative economics advocate?

Normative economics advocates 'what ought to be'. Signup and view all the answers

What does economics study?

Economics studies the production, distribution, and consumption of goods and services. Signup and view all the answers

What does microeconomics analyze?

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions. Signup and view all the answers

What does macroeconomics analyze in the economy?

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it. Signup and view all the answers

What are some examples of factors analyzed in macroeconomics?

Examples of factors analyzed in macroeconomics include employment, inflation, economic growth, and public policies. Signup and view all the answers

What are the distinctions within economics?

The distinctions within economics include positive economics versus normative economics, economic theory versus applied economics, and rational economics versus behavioural economics. Signup and view all the answers

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