Microeconomics Fundamentals Quiz

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.

The broad distinctions within economics include those between positive economics and normative economics, economic theory and applied economics, and rational and behavioural economics.

<p>Positive economics describes 'what is' in the economy.</p> Signup and view all the answers

<p>Normative economics advocates 'what ought to be' in the economy.</p> Signup and view all the answers