Microeconomics Fundamentals Quiz

Economics is a social science that studies 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>Examples of individual agents in microeconomics include households, firms, buyers, and sellers.</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'), economic theory and applied economics, and rational and behavioural economics.</p> Signup and view all the answers