Microeconomics Quiz

Economics is a social science that studies 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.

<p>The broad distinctions within economics include positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), as well as distinctions between economic theory and applied economics, and between rational and behavioral economics.</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

<p>Economics is a social science that studies the production, distribution, and consumption of goods and services.</p> Signup and view all the answers

<p>Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.</p> Signup and view all the answers

<p>Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.</p> Signup and view all the answers

<p>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.</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