Microeconomics Quiz and Flashcards for Mastery

Questions and Answers

What are the two main branches of economics?

Microeconomics and Macroeconomics

What are the basic elements analyzed in microeconomics?

Individual agents and markets, their interactions, and the outcomes of interactions

What are the broad distinctions within economics?

Positive economics (describing 'what is') and normative economics (advocating 'what ought to be'); economic theory and applied economics; rational and behavioral economics; mainstream economics and heterodox economics

What are the factors analyzed in macroeconomics?

<p>Production, consumption, saving, investment, employment, currency inflation, economic growth, and public policies</p> Signup and view all the answers

Where can economic analysis be applied in society?

<p>Business, finance, cybersecurity, health care, engineering, government, crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment</p> Signup and view all the answers

Study Notes

Branches of Economics

The two main branches of economics are Microeconomics and Macroeconomics.

Microeconomics

Analyzes the behavior and decision-making processes of individual economic units, such as households, firms, and markets.
Basic elements analyzed include:
- Consumer behavior and demand
- Production and supply
- Market structures and pricing
- Resource allocation and welfare economics

Macroeconomics

Analyzes the economy as a whole, focusing on aggregate variables and issues.
Factors analyzed include:
- Economic growth and development
- National income and output
- Inflation and deflation
- Unemployment and labor market trends
- International trade and finance

Distinctions within Economics

Positive economics: focuses on describing and analyzing economic phenomena
Normative economics: involves value judgments and policy prescriptions

Applications of Economics

Economic analysis can be applied in various areas of society, including:
- Business and finance
- Government policy and public administration
- International relations and global governance
- Environmental and resource management
- Social welfare and development programs

Description

Test your knowledge of microeconomics with this quiz! Explore the basic elements of the economy, including individual agents and markets, their interactions, and the outcomes of those interactions. Challenge yourself with questions on economic agents, market behaviors, and more.