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Questions and Answers
What are the broad distinctions within economics?
Positive economics (describing 'what is') and normative economics (advocating 'what ought to be'); economic theory and applied economics; rational and behavioural economics.
What are the main focuses of economics?
The production, distribution, and consumption of goods and services.
What does microeconomics analyze?
Basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.
Give an example of individual agents in microeconomics.
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What does macroeconomics analyze?
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Macroeconomics only focuses on the behavior of individual agents in the economy
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Normative economics describes 'what is' while positive economics advocates 'what ought to be'
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Behavioural economics is a broad distinction within economics
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Microeconomics only analyzes the outcomes of interactions between individual agents and markets
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Macroeconomics analyzes the interaction of production, consumption, saving, and investment in the economy
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