Economics Quiz

Economics is a social science that studies the production, distribution, and consumption of goods and services.

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

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

<p>The distinctions within economics include positive economics vs. normative economics, economic theory vs. applied economics, and rational economics vs. behavioural economics.</p> Signup and view all the answers

<p>Positive economics describes 'what is' in the economy.</p> Signup and view all the answers