Questions and Answers
Economics ______ is a social science that studies the production, distribution, and consumption of goods and services.
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Microeconomics analyzes what's viewed as basic elements in the ______, including individual agents and markets, their interactions, and the outcomes of interactions.
economy
Individual agents may include, for example, households, ______, buyers, and sellers.
firms
Macroeconomics analyzes the ______ as a system where production, consumption, saving, and investment interact.
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Other broad distinctions within economics include those between positive economics, describing '______ is', and normative economics, advocating 'what ought to be'.
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