Economics Knowledge Quiz

The main focuses of economics are the production, distribution, and consumption of goods and services, as well as the behavior and interactions of economic agents and how economies work.

Microeconomics analyzes individual agents and markets, while macroeconomics analyzes the economy as a system and factors affecting it such as production, consumption, saving, investment, and employment.

The broad distinctions within economics include positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), as well as distinctions between economic theory and applied economics, and between rational and behavioral economics.

<p>Macroeconomics analyzes production, consumption, saving, investment, employment, currency inflation, economic growth, and public policies that impact these elements.</p> Signup and view all the answers

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