10 Questions
What does microeconomics analyze?
Basic elements in the economy, including individual agents and markets
What are the broad distinctions within economics?
Positive economics and normative economics
Where can economic analysis be applied?
Throughout society, including business, finance, cybersecurity, health care, engineering, and government
What does macroeconomics analyze?
The economy as a system where production, consumption, saving, and investment interact
What are the distinctions within economics between?
Mainstream economics and heterodox economics
What does economics focus on?
Economics focuses on the behaviour and interactions of economic agents and how economies work.
What are the basic elements analyzed in microeconomics?
Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.
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.
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.
Where can economic analysis be applied?
Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, and government.
Test your knowledge of economics with a focus on microeconomics and macroeconomics. Explore the fundamental concepts of production, distribution, and consumption of goods and services, as well as the behavior and interactions of economic agents.
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