Questions and Answers
What is the focus of microeconomics?
Analyzing individual agents and markets
What does macroeconomics analyze?
The economy as a system with production, consumption, saving, and investment
What does normative economics advocate?
Advocating 'what ought to be'
Where can economic analysis be applied?
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What are the broad distinctions within economics?
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What is the focus of normative economics?
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In what way does behavioural economics differ from rational economics?
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Where can economic analysis be applied?
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What are the main elements analyzed in microeconomics?
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What does positive economics describe?
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