Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
- Development economics
- Behavioral economics
- Microeconomics (correct)
- Macroeconomics
What is one goal of microeconomics?
What is one goal of microeconomics?
- To study the sum total of economic activity
- To analyze market failure
- To analyze national policies
- To analyze market mechanisms and allocate resources (correct)
What does macroeconomics focus on?
What does macroeconomics focus on?
- Efficient resource allocation
- Firms and individuals
- Individual markets and sectors
- National economy as a whole (correct)
What does microeconomics analyze in relation to markets?
What does microeconomics analyze in relation to markets?
Signup and view all the answers
What does microeconomics focus on?
What does microeconomics focus on?
Signup and view all the answers
Which branch of economics focuses on the study of individual markets, sectors, or industries?
Which branch of economics focuses on the study of individual markets, sectors, or industries?
Signup and view all the answers
What is the main goal of microeconomics?
What is the main goal of microeconomics?
Signup and view all the answers
What does macroeconomics focus on?
What does macroeconomics focus on?
Signup and view all the answers
What does microeconomics analyze in relation to markets?
What does microeconomics analyze in relation to markets?
Signup and view all the answers
What does microeconomics deal with in relation to market failure?
What does microeconomics deal with in relation to market failure?
Signup and view all the answers
