Microeconomics Quiz

Economics focuses on the production, distribution, and consumption of goods and services, as well as the behavior and interactions of economic agents and how economies work.

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions in the economy.

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 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