Fundamental Concepts of Economics Quiz

Economics focuses on the behaviour and interactions of economic agents and how economies work.

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

The broad distinctions within economics include those between positive economics and normative economics, economic theory and applied economics, and rational and behavioural economics.

<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

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

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

<p>Production, consumption, saving, investment, employment, currency inflation, economic growth, and public policies.</p> Signup and view all the answers

<p>Positive economics describes 'what is', while normative economics advocates 'what ought to be'.</p> Signup and view all the answers

<p>Households, firms, buyers, and sellers.</p> Signup and view all the answers

<p>Economic theory and applied economics.</p> Signup and view all the answers