Microeconomics Fundamentals Quiz

The main focuses of economics are 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 such as employment, currency inflation, economic growth, and public policies.

<p>The broad distinctions within economics include those between positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), between economic theory and applied economics, and between rational and behavioural economics.</p> Signup and view all the answers

<p>Some examples of individual agents in the economy are households, firms, buyers, and sellers.</p> Signup and view all the answers

<p>The two main branches of economics are microeconomics and macroeconomics. Microeconomics focuses on individual agents and markets, while macroeconomics analyzes the economy as a system.</p> Signup and view all the answers

<p>Some examples of individual agents in microeconomics are households, firms, buyers, and sellers.</p> Signup and view all the answers

<p>Macroeconomics analyzes the interactions of production, consumption, saving, and investment, as well as factors affecting the economy such as employment, inflation, economic growth, and public policies.</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 behavioral economics.</p> Signup and view all the answers

<p>Positive economics focuses on describing 'what is', while normative economics advocates 'what ought to be'.</p> Signup and view all the answers