Economics Board Question of HSC Examination 2014. A focus of the subject is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.

Economics Board Question of HSC Examination 2014

Economics Board Question of HSC Examination 2014

The term economics comes from the Ancient Greek οἰκονομία (oikonomia, “management of a household, administration”) from οἶκος (oikos, “house”) and νόμος (nomos, “custom” or “law”), hence “rules of the house(hold for good management)”. ‘Political economy’ was the earlier name for the subject, but economists in the late 19th century suggested “economics” as a shorter term for “economic science” to establish itself as a separate discipline outside of political science and other social sciences.

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Economics Board Question of HSC Examination 2014

Economics focuses on the behavior and interactions of economic agents and how economies work. Consistent with this focus, primary textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behavior of 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.

Economics Board Question of HSC Examination 2014

Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labor, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).

Economics Board Question of HSC Examination 2014

Other 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; between rational and behavioral economics; and between mainstream economics (more “orthodox” and dealing with the “rationality-individualism-equilibrium nexus”) and heterodox economics (more “radical” and dealing with the “institutions-history-social structure nexus”)

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