10 Questions
What are the two main branches of Economics?
macroeconomics and microeconomics
Who first coined the terms 'macroeconomics' and 'microeconomics'?
Ragner Frisch
What does microeconomics study?
Microeconomics studies the behavior of individual economic entities and small groups of economic entities such as households, business firms, markets, and governments.
What does macroeconomics study?
Macroeconomics studies economic aggregates such as total output, total demand, aggregate income, total savings, total investment, total employment, and the rise and fall in the general price level, and interest rates.
What is the difference between microeconomics and macroeconomics?
Microeconomics looks at individual parts of the economy and studies the behavior of individual economic entities, while macroeconomics looks at the economy as a whole and studies economic aggregates.
What are the main subjects traditionally divided in the field of Economics?
Macroeconomics and microeconomics
Who coined the terms 'macroeconomics' and 'microeconomics'?
Ragner Frisch
What does microeconomics study according to the text?
Individual economic entities and small groups of economic entities such as households, business firms, markets, and governments
What is the focus of macroeconomics according to the text?
Economy as an organic whole, economic aggregates such as total output, total demand, aggregate income, total savings, total investment, total employment, and general price level
What does microeconomic theory study?
Allocation of resources, product and factor pricing, theory of economic welfare, and economic efficiency
Test your knowledge of basic economic concepts with this quiz that explores the division of economics into macroeconomics and microeconomics. Learn about the distinctions between these two branches and their subject matters.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
