Microeconomics 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 (describing 'what is') and normative economics (advocating 'what ought to be'), between economic theory and applied economics, and between rational and behavioral economics.

<p>Factors affecting the economy that are analyzed in macroeconomics include employment of the resources of labor, capital, and land, currency inflation, economic growth, and public policies that have an impact on these elements.</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