Microeconomics Fundamentals Quiz

Microeconomics focuses on 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 such as employment, inflation, economic growth, and public policies.

The broad distinctions within economics include positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), economic theory and applied economics, rational and behavioural economics, and mainstream and heterodox economics.

<p>Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, and government. It is also applied to diverse subjects such as crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.</p> Signup and view all the answers

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