Economics: Microeconomics and Macroeconomics

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Questions and Answers

What does microeconomics analyze?

The economy as a system where production, consumption, saving, and investment interact
The behaviour and interactions of economic agents
Factors affecting employment of the resources of labour, capital, and land
Basic elements in the economy, including individual agents and markets (correct)

What are the broad distinctions within economics?

Mainstream economics and heterodox economics
Positive economics and normative economics (correct)
Economic theory and applied economics
Rational economics and behavioural economics

Where can economic analysis be applied?

Throughout society, including business, finance, cybersecurity, health care, engineering, and government (correct)
Only in government policies
Primarily in social institutions and philosophy
Exclusively in business and finance

What does macroeconomics analyze?

The economy as a system where production, consumption, saving, and investment interact (D) Signup and view all the answers

What are the distinctions within economics between?

Mainstream economics and heterodox economics (A) Signup and view all the answers

What does economics focus on?

Economics focuses on the behaviour and interactions of economic agents and how economies work. Signup and view all the answers

What are the basic elements analyzed in microeconomics?

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions. Signup and view all the answers

What are the factors analyzed in macroeconomics?

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it. Signup and view all the answers

What are the distinctions within economics in terms of economic analysis?

The distinctions include positive economics, describing 'what is', and normative economics, advocating 'what ought to be'; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics. Signup and view all the answers

Where can economic analysis be applied?

Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, and government. Signup and view all the answers