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Economics Basics Quiz

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Questions and Answers

What are the basic elements analyzed in microeconomics?

Individual agents and markets, their interactions, and the outcomes of interactions.

What are the key factors analyzed in macroeconomics?

Production, consumption, saving, investment, employment, currency inflation, economic growth, and public policies.

What are the broad distinctions within economics?

Positive economics (describing 'what is') and normative economics (advocating 'what ought to be'); economic theory and applied economics; rational and behavioural economics; mainstream economics and heterodox economics.

In which areas can economic analysis be applied throughout society?

<p>Business, finance, cybersecurity, health care, engineering, government, crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.</p> Signup and view all the answers

What does economics focus on studying?

<p>Economics focuses on the production, distribution, and consumption of goods and services, as well as the behaviour and interactions of economic agents and how economies work.</p> Signup and view all the answers