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?

    <p>The economy as a system where production, consumption, saving, and investment interact</p> Signup and view all the answers

    What are the distinctions within economics between?

    <p>Mainstream economics and heterodox economics</p> Signup and view all the answers

    What does economics focus on?

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

    What are the basic elements analyzed in microeconomics?

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

    What are the factors analyzed in macroeconomics?

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

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

    <p>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.</p> Signup and view all the answers

    Where can economic analysis be applied?

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

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