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Economics: Micro and Macroeconomics

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Questions and Answers

What does microeconomics analyze?

Government policies and regulations
Global economic systems
Individual agents and markets (correct)
International trade and commerce

In economics, what does normative economics advocate?

"What has been"
"What is"
"What ought to be" (correct)
"What will be"

Where can economic analysis be applied?

Business, finance, and government (correct)
Sports, entertainment, and recreation
Agriculture, forestry, and fishing
Art, literature, and music

What does macroeconomics analyze as a system?

<p>Production, consumption, saving, and investment interaction (A)</p> Signup and view all the answers

What are the broad distinctions within economics?

<p>"Positive economics" and "normative economics" (B)</p> Signup and view all the answers

Flashcards

Microeconomics

Analyzes the behavior of individual agents (like people or firms) and specific markets.

Normative Economics

Deals with subjective opinions and value judgments about what the economy should be like.

Economic Analysis Application

It can be applied to business strategy, financial decisions, and government policy-making.

Macroeconomics

Analyzes how the entire economy works, including interactions of production, consumption, saving, and investment.

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Economics Distinctions

Positive economics (what is) and normative economics (what ought to be).