Microeconomics Quiz
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Questions and Answers

______ () is a social science that studies the production, distribution, and consumption of goods and services.

Economics

______ analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.

Microeconomics

______ analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.

Macroeconomics

Other broad distinctions within economics include those between ______ economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics.

<p>positive</p> Signup and view all the answers

Individual agents may include, for example, households, firms, ______, and sellers.

<p>buyers</p> Signup and view all the answers

______ () is a social science that studies the production, distribution, and consumption of goods and services.

<p>Economics</p> Signup and view all the answers

______ analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.

<p>Microeconomics</p> Signup and view all the answers

______ analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.

<p>Macroeconomics</p> Signup and view all the answers

Other broad distinctions within economics include those between ______, describing 'what is', and normative economics, advocating 'what ought to be'; between economic theory and applied economics; between rational and behavioural economics.

<p>positive economics</p> Signup and view all the answers

Between rational and ______.

<p>behavioural economics</p> Signup and view all the answers

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