Test your knowledge of microeconomics with this quiz! From individual agents and...

The main focuses of economics are 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, along with factors affecting it such as employment, currency inflation, economic growth, and public policies.

<p>Broad distinctions within economics include positive economics (describing &quot;what is&quot;) and normative economics (advocating &quot;what ought to be&quot;), as well as between economic theory and applied economics, and between rational and behavioral economics.</p> Signup and view all the answers

<p>Individual agents and markets</p> Signup and view all the answers

<p>Some examples of individual agents in microeconomics include households, firms, buyers, and sellers.</p> Signup and view all the answers

<p>Production, distribution, and consumption of goods and services</p> Signup and view all the answers

<p>The economy as a system</p> Signup and view all the answers

<p>Positive economics and normative economics</p> Signup and view all the answers

<p>Households, firms, buyers, and sellers</p> Signup and view all the answers