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Questions and Answers

Which field of study focuses on the behavior and interactions of economic agents and how economies work?

Macroeconomics

Positive economics

Microeconomics (correct)

Normative economics

What does macroeconomics analyze?

The resources of labour, capital, and land

Factors affecting the economy as a system (correct)

Individual agents and markets

The production, distribution, and consumption of goods and services

What does positive economics describe?

The theory and principles of economics

The behavior and interactions of economic agents

What ought to be

What is (correct)

What does normative economics advocate?

What ought to be Signup and view all the answers

What is another broad distinction within economics?

The distinction between rational and behavioral economics Signup and view all the answers

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

What is the main focus of economics? Signup and view all the answers

What does microeconomics analyze?

What are the basic elements analyzed in microeconomics? Signup and view all the answers

What factors does macroeconomics analyze?

What are the factors affecting the economy analyzed in macroeconomics? Signup and view all the answers

What are the two broad distinctions within economics?

What are the two main distinctions within the field of economics? Signup and view all the answers

What are the two subfields within economics?

What are the two subfields in the field of economics? Signup and view all the answers