Economics Basics Quiz

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it such as employment, inflation, economic growth, and public policies.

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

Microeconomics focuses on analyzing individual agents and markets, their interactions, and the outcomes of interactions.

<p>Economic analysis can be applied throughout society, including in 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

<p>Individual agents in the economy may include households, firms, buyers, and sellers.</p> Signup and view all the answers