Microeconomics Fundamentals Quiz

The main focus of economics is the production, distribution, and consumption of goods and services.

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.

<p>The broad distinctions within economics include positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), economic theory and applied economics, and rational and behavioural economics.</p> Signup and view all the answers

<p>Individual agents in the economy may include households, firms, buyers, and sellers.</p> Signup and view all the answers

<p>Economics studies the production, distribution, and consumption of goods and services.</p> Signup and view all the answers

<p>Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.</p> Signup and view all the answers

<p>Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.</p> Signup and view all the answers

<p>The broad distinctions within economics include positive economics, describing 'what is', and normative economics, advocating 'what ought to be'; between economic theory and applied economics; between rational and behavioral economics.</p> Signup and view all the answers

<p>Individual agents may include households, firms, buyers, and sellers.</p> Signup and view all the answers