Economics Basics Quiz

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

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

Broad distinctions within economics include those between positive economics, describing 'what is', and normative economics, advocating 'what ought to be'; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.

<p>Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, and government.</p> Signup and view all the answers

<p>Some diverse subjects to which economic analysis is applied include crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.</p> Signup and view all the answers

<p>The main focus areas of business economics as described in the text include analyzing business enterprises, organizational structures, relationships with labor, capital, and product markets, providing practical information for those who apply economics in their jobs, and applying economic theory to business management.</p> Signup and view all the answers

<p>Business economics is described as an applied science in the sense of being a tool for managerial decision-making and forward planning by management.</p> Signup and view all the answers

<p>Business economics is based on microeconomics in two categories: positive and normative.</p> Signup and view all the answers

<p>Some of the economic issues and problems related to business organization, management, and strategy include the emergence and existence of corporate firms, reasons for their expansion, the role of entrepreneurs and entrepreneurship, the significance of organizational structure, the relationship of firms with employees, providers of capital, customers, and government, and interactions between firms and the business environment.</p> Signup and view all the answers

<p>Macroeconomic factors are at times applied in business economics analysis.</p> Signup and view all the answers