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| 1. |
Define positive and normative economicw |
| Answer» https://keydifferences.com/difference-between-positive-and-normative-economics.html<br>Positive economics is related to the analysis which is limited to cause and effect relationship. On the other hand, normative economics aims at examining real economic events from the moral and ethical point of view. It is used to judge whether the economic events are desirable or not. While Positive economics is based on facts about the economy. Normative economics is value judgment based. Most of the people think that the statements which are commonly accepted are a fact but in reality, they are valued.<br>milk and any dairy product | |