Economics Fundamentals Quiz

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

Economics studies the production, distribution, and consumption of goods and services.

Positive economics describes 'what is', while normative economics advocates 'what ought to be'.

<p>Other broad distinctions within economics include those between economic theory and applied economics, and between rational and behavioural economics.</p> Signup and view all the answers

<p>Macroeconomics analyzes the economy as a system and factors affecting it, including production, consumption, saving, investment, employment, inflation, economic growth, and public policies.</p> Signup and view all the answers

<p>NEP = New Economic Policy proposed by Vladimir Lenin War communism = Period from 1918 to 1921 when complete nationalization of industry was established Mixed economy = Economic system introduced by NEP allowing private individuals to own small and medium-sized enterprises Russian Civil War = Conflict from 1918 to 1922, after which a more market-oriented economic policy was deemed necessary</p> Signup and view all the answers

<p>Proposal of NEP = 1921 Characterization of NEP by Lenin = 1922 Beginning of Russian Civil War = 1918 End of war communism = 1921</p> Signup and view all the answers

<p>Economic system = Included a free market and capitalism, both subject to state control State enterprises = Operated on a profit basis Private ownership = Allowed in small and medium-sized enterprises Large industries, banks and foreign trade = Continued to be controlled by the state</p> Signup and view all the answers

<p>NEP = A more market-oriented economic policy War communism = A period of complete nationalization of industry Mixed economy = A system allowing private individuals to own enterprises State control = The state's control over large industries, banks, and foreign trade</p> Signup and view all the answers

<p>Proposal of New Economic Policy = 1921 End of Russian Civil War = 1922 Beginning of war communism = 1918 End of war communism = 1921</p> Signup and view all the answers