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, including production, consumption, saving, investment, 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 vs. applied economics, and rational vs. behavioural economics.</p> Signup and view all the answers

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