5 Questions
What does macroeconomics analyze in the economy?
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.
What are the broad distinctions within economics?
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.
What is the focus of microeconomics?
Microeconomics focuses on analyzing individual agents and markets, their interactions, and the outcomes of interactions.
Where can economic analysis be applied throughout society?
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.
What are some examples of individual agents in the economy?
Individual agents in the economy may include households, firms, buyers, and sellers.
Test your knowledge of economics basics with this quiz. Explore concepts such as the production, distribution, and consumption of goods and services, microeconomics, and macroeconomics.
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