

InterviewSolution
Saved Bookmarks
1. |
Difference between normative and positive economics |
Answer» Positive economics - A positive economics science deals with "things as they are "these statements can be empirically verified as these are based upon facts these are not suggestive in nature these deals with realistic situations. Normative economics - These statements tell us "what ought to be " these tell how economic problems should be solved these deals with idealistic situations these statements cannot be empirically verified these are called suggestive in nature.<br>Normative economic is deals with what ought to be and how to be solved and also it cannot be verified actual data<br>Positive economic is deals with what are economic problem and how are actually solved and also it can be verified actual data | |