Microeconomics Quiz

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

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.

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

<p>The broad distinctions within economics include those between positive economics and normative economics, economic theory and applied economics, and rational and behavioural economics.</p> Signup and view all the answers

<p>Positive economics describes 'what is', while normative economics advocates 'what ought to be'</p> Signup and view all the answers