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Master the Basics of Economics
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Master the Basics of Economics

Created by
@ImprovedVolcano

Questions and Answers

Which social science studies the production, distribution, and consumption of goods and services?

  • Sociology
  • Psychology
  • Anthropology
  • Economics (correct)

    • What does microeconomics analyze in the economy?

  • Global trade
  • Environmental factors
  • Individual agents and markets (correct)
  • Government policies

    • What does macroeconomics analyze in the economy?

  • Government policies (correct)
  • Environmental factors
  • Global trade
  • Individual agents and markets

    • What is the distinction between positive economics and normative economics?

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

    What are the factors analyzed in macroeconomics?

    <p>Employment, inflation, and economic growth</p> Signup and view all the answers

    Which term refers to the markets where workers and employers interact?

    <p>Labour economics</p> Signup and view all the answers

    What is the main commodity supplied by labourers in exchange for a wage?

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

    What variables must labour economics account for besides the functioning and dynamics of labour markets?

    <p>Cultural and political variables</p> Signup and view all the answers

    What do labour markets normally have in terms of geographical boundaries?

    <p>National boundaries</p> Signup and view all the answers

    What has brought about a 'planetary' aspect to labour markets?

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

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