Podcast
Questions and Answers
What does microeconomics analyze?
What does microeconomics analyze?
- Positive economics describing 'what ought to be'
- The economy as a system where production, consumption, saving, and investment interact
- Factors affecting employment of the resources of labour, capital, and land
- Individual agents and markets, their interactions, and the outcomes of interactions (correct)
What does macroeconomics analyze?
What does macroeconomics analyze?
- The economy as a system where production, consumption, saving, and investment interact (correct)
- Factors affecting employment of the resources of labour, capital, and land
- Individual agents and markets, their interactions, and the outcomes of interactions
- Normative economics advocating 'what is'
What are the broad distinctions within economics?
What are the broad distinctions within economics?
- Between economic theory and behavioural economics
- Between rational economics and applied economics
- Between positive economics describing 'what is', and normative economics advocating 'what ought to be' (correct)
- Between mainstream economics and heterodox economics
Where can economic analysis be applied throughout society?
Where can economic analysis be applied throughout society?
What is the focus of rational economics in economics distinctions?
What is the focus of rational economics in economics distinctions?