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Questions and Answers
What does microeconomics primarily analyze?
What does microeconomics primarily analyze?
- National GDP and inflation rates
- International monetary policies
- Individual agents and markets (correct)
- Global trade agreements
Which factors does macroeconomics analyze as part of the economy?
Which factors does macroeconomics analyze as part of the economy?
- Market demand and supply
- Production, consumption, saving, and investment (correct)
- Price elasticity of goods
- Individual consumer behavior
What is the focus of positive economics?
What is the focus of positive economics?
- Analyzing economic behavior
- Describing 'what is' (correct)
- Applying economic theories
- Advocating 'what ought to be'
Which agents may be included in microeconomic analysis?
Which agents may be included in microeconomic analysis?
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What does behavioral economics focus on?
What does behavioral economics focus on?
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Study Notes
Microeconomics and Macroeconomics
- Microeconomics primarily analyzes the behavior and decision-making of individual economic units, such as households, firms, and markets.
- Macroeconomics analyzes factors such as economic growth, inflation, unemployment, and international trade as part of the economy.
Positive Economics
- The focus of positive economics is on describing and analyzing economic phenomena, without making value judgments or recommendations.
Microeconomic Analysis
- Microeconomic analysis may include agents such as:
- Households
- Firms
- Markets
Behavioral Economics
- Behavioral economics focuses on the psychological, social, and emotional factors that influence economic decisions, rather than just rational choice.
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