Economics Basics Quiz

Economics is a social science that studies the production, distribution, and consumption of goods and services.

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

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

Broad distinctions within economics include positive economics, normative economics, economic theory, applied economics, rational economics, behavioural economics, mainstream economics, and heterodox economics.

Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, government, and diverse subjects such as crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.

The main purpose of statistics is to collect, organize, analyze, interpret, and present data for scientific, industrial, or social problems.

The two main statistical methods used in data analysis are descriptive statistics, which summarize data from a sample using indexes such as the mean or standard deviation, and inferential statistics, which draw conclusions from data that are subject to random variation.

An experimental study involves manipulating the system under study and taking measurements to determine the effects of the manipulation, while an observational study does not involve experimental manipulation.

Statisticians ensure this by using representative sampling, which assures that inferences and conclusions can reasonably extend from the sample to the population as a whole.

Census data is used when possible, but when it cannot be collected, statisticians develop specific experiment designs and survey samples to collect data.